| April 21, 2026 | |
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| WTI (May) $92.13 ▲2.81% · NG (May) $2.697 ▲0.30% · RIGS 543 ▼2 · S&P 7,064.01 ▼0.63% · XOP $165.00 ▲2.41% | |
| April 21 close · Gas = Henry Hub May 2026 · Rigs = Baker Hughes (week ending April 17, 2026) |
| $814M |
| Top of X-Energy’s IPO range — the first pure-play advanced-SMR prospectus to hit the US market |
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Somewhere this week, a billion-dollar development decision will get approved off four scenarios in a spreadsheet. That’s not going to hold. |
| READ THE RESEARCH → |
| Today’s Menu | ||||||
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| Lead Story |
| Baseload goes public — X-Energy opens $814M roadshow, Fervo files S-1 48 hours later |
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The first pure-play SMR and the first pure-play enhanced-geothermal prospectuses land in the same week — both on Nasdaq, both JPM-lead left. |
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• X-Energy (XE) launched its roadshow April 15 — ~43M shares at $16–$19, a ~$685–$814M raise on Nasdaq. JPM/MS/Jefferies/Moelis book-running. Amazon anchors. The Xe-100 is a 320 MWe four-pack HTGR, still in NRC licensing. Pricing expected this week. |
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• Fervo Energy filed its S-1 April 17 — applied to list on Nasdaq as FRVO; shares and price range not yet determined. JPM left; BofA, RBC, Barclays on the cover. Cape Station (UT) under construction; Project Red (NV) has been delivering to Google since 2023. |
| The Headlines |
| Power / Data Centers |
| Certarus parks 200 CNG trailers at a hyperscale campus — $300M over 2.5 years, 135 MW of prime power |
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• Superior Plus’s mobile-CNG subsidiary signed a 2.5-year agreement with a major hyperscale operator, in partnership with “a global leader in power generation solutions.” Deal covers ~135 MW of prime power, requires ~200 CNG transport trailers in rotation, and is worth ~$300M in revenue. Startup mid-2027, bridging to permanent pipeline. |
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| Nuclear / SMR |
| Rolls-Royce signs 3-SMR Wylfa contract with GBE-N — NWF provides £599M of development financing |
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• Rolls-Royce SMR and Great British Energy – Nuclear signed April 13 for three Rolls-Royce SMR units at Wylfa, Anglesey, North Wales. Combined output: 1.4 GWe. Separately, the National Wealth Fund committed £599M (~$805M) to Rolls-Royce SMR for reactor development. First-of-a-kind Western SMR reference plant at scale. |
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| Storage / Power |
| Tenaska and TVA sign 225 MW / 900 MWh in East Tennessee — 20-year contract for Bobwhite |
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• Tenaska and the Tennessee Valley Authority signed a 20-year contract for the Bobwhite battery storage project in Hawkins County, TN — 225 MW / 900 MWh. $300M investment, construction starts 2027, COD late 2029. |
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| Midstream / Europe |
| Enagás buys 31.5% of Teréga from GIC for €573M |
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• Enagás agreed to buy a 31.5% stake in Teréga, the French TSO, from Singapore’s GIC for €573M (announced with Q1 results). Teréga operates 5,100 km of transmission (16% of France’s gas grid) and 27% of national storage. Enagás guided ~€40M annual cash flow and ~€14M net income accretion across 2027–32. Q1 net profit: €56.9M, -12.7% YoY. Enagás also closed the sale of 40% of Enagás Renovable (separate transaction). |
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| Geothermal / Capital Markets |
| Zanskar stacks $40M dev-capital facility + California offtake in four days |
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• Zanskar closed a $40M Development Capital Facility April 16, scalable to $100M, co-led by Just Climate and Spring Lane Capital, with Tierra Adentro Growth Capital. Non-recourse structure covers pre-construction activity. Four days earlier (April 13), Zanskar signed a GEODE Agreement with California Community Power for CA ISO-area exploration and offtake to CC Power’s CCA members. (Series C was $115M in January.) |
| Quick Hits | |||
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| Almost Headlines |
| Sunya Stories | |
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| Full Archive on Spotify → |
| In Case You Missed It | |||
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Disclaimer: Not financial advice. This newsletter is for education + entertainment — not a recommendation or a solicitation to buy or sell anything. Do your own research and make your own calls (and talk to a pro when it matters).