Generation, Storage, and the New Grid

Largest US generator of wind and solar electricity through NextEra Energy Resources; also operates Florida Power & Light (regulated utility) — one of the largest in the US. The dual structure (regulated + unregulated renewables) is the rare US energy company that wins on both sides of the transition.

Largest US-headquartered solar manufacturer; cadmium-telluride thin-film modules manufactured in Ohio and Alabama. Major beneficiary of IRA domestic-content tax credits and tariff protection from Chinese silicon imports.

Largest wind-turbine manufacturer in the world. Headquartered in Denmark; significant US manufacturing footprint in Colorado. Strong position in both onshore and offshore.

Largest offshore-wind developer globally. Pivoted entirely from fossil fuels to renewables in under a decade — a benchmark example of incumbent transformation. Active in US East Coast offshore-wind buildout.

Dominant residential-solar microinverter and battery company. Selling shovels into the residential-solar gold rush — installer ecosystem is the moat, microinverter technology is the differentiator.

Megapack is the leading utility-scale battery storage product in the US; Powerwall dominates residential storage. Autobidder software optimizes grid-tied storage dispatch in real time — the often-overlooked AI layer on top of the hardware.

Iron-air batteries for 100-hour grid storage — solves the multi-day storage problem that lithium can't economically address. First production facility in West Virginia. Backed by Bill Gates' Breakthrough Energy Ventures.

Solid-state battery developer for EVs — promises higher energy density, faster charging, and improved safety vs lithium-ion. Long-running development with Volkswagen as anchor partner; commercialization timeline is the central uncertainty.

Chinese battery giant — supplies Tesla, BMW, VW, and most major automakers. Roughly one-third of global EV battery production. The supply-chain dependency the US auto/grid industry is most actively trying to onshore.

Operates roughly a quarter of US nuclear generation. Signed the landmark 2024 PPA with Microsoft to restart Three Mile Island Unit 1 specifically to power AI data-center load — the deal that catalyzed the broader nuclear-for-AI thesis.

Bill Gates-founded advanced-reactor developer. Natrium reactor (sodium-cooled, molten-salt thermal storage) breaks ground in Wyoming 2024-2025. Designed to integrate with grid-storage so output can ramp with renewables.

MIT spinout building SPARC tokamak — targets net-positive fusion energy demonstration mid-2020s, commercial ARC power plant early 2030s. Most-funded fusion company in the world. Google is a customer for early commercial output.

Field-reversed-configuration fusion developer. Signed first commercial fusion PPA with Microsoft (2023) for 50MW from a fusion plant targeted to be online by 2028 — aggressive but well-funded.

Solid-oxide fuel-cell systems for distributed power generation — increasingly deployed to power data centers without waiting in multi-year utility-interconnect queues. AI-load-driven demand has accelerated their commercial pipeline materially.

Hydrogen-economy integrator — fuel cells (Amazon, Walmart warehouse forklifts) and green-hydrogen production (Georgia, NY plants). Heavily exposed to the hydrogen-tax-credit regime under IRA Section 45V.

Dominant residential standby-generator manufacturer; expanded into solar, battery, and grid-services orchestration via Concerto platform. Beneficiary of grid-reliability concerns (Texas, California outages) driving residential backup demand.

GE's spun-out energy business (2024) — gas turbines, wind turbines, and grid equipment (transformers, switchgear, software). The grid-equipment franchise is benefiting from a once-in-a-generation transformer-and-substation buildout cycle.