Clean Energy Weekly Tearsheet: Last Week for Extel/II Voting, FRVO Initiation, CleanPower Conference Takeaways, GNRC Hyperscaler Deal, FLNC Collaboration with NVDA

Research evidence excerpt

Clean Energy Weekly Tearsheet: Last Week for Extel/II Voting, FRVO Initiation, CleanPower Conference Takeaways, GNRC Hyperscaler Deal, FLNC Collaboration with NVDA

Mark Strouse, CFA AC North America Equity Research

(1-212) 622-8244 08 June 2026 J P M O R G A N

mark.w.strouse@jpmorgan.com

relatively murky given what some view to be market saturation of the technology as well

as federal permitting and political challenges. Against this backdrop, we believe top picks

NXT and MTZ remain well positioned, and view Overweight-rated PWR and MWH as

additional beneficiaries of the same demand and consolidation dynamics. See our full

note here.

• US House passes Geothermal Energy Bills. The US House passed a series of bills last

Tuesday that would accelerate geothermal energy initiatives, including the Committing

Leases for Energy Access Now (CLEAN) Act and the Geothermal Energy Advancement

Act. The CLEAN Act establishes annual requirements for the sale of geothermal land

leases (versus the previous two year requirement) and outlines deadlines on geothermal

drilling permit requests. The Geothermal Energy Advancement Act requires the

Department of Interior to process all geothermal authorizations within a 60 day period

following an environmental review. We view this as a positive clearing of geothermal

development gating factors, though note the bills did not address interconnect, which we

continue to see as one of the largest bottlenecks within the space.

• GNRC Signs Supply Agreement with Hyperscaler. GNRC signed a formal supply

agreement last week with an unnamed hyperscaler, a firm contract of the previously

announced $600mm notice to proceed from 1Q26. The company’s generators will be

used as a backup power source at the hyperscaler’s data center, though total MWs have