Who Supplies Who? - Matching OEM Suppliers and Power Services Players

Research evidence excerpt

Who Supplies Who? - Matching OEM Suppliers and Power Services Players

I N D U S T R Y N O T E

J u n e 2 9 , 2 0 2 6

Power Services

CONCLUSION Derek Podhaizer

Over the past two years we've seen explosive growth across the behind-the-meter power Sr. Research Analyst, Piper Sandler & Co.

generation market to support the buildout of AI data centers. Both public and private 212 284-9485, derek.podhaizer@psc.com

players have entered the arena, building operational track records and securing significant Michael Sunshine

capacity to attract hyperscalers. VoltaGrid (private) and SEI stand out on contract execution Research Analyst, Piper Sandler & Co.

212 284-9417, michael.sunshine@psc.com(measured in GWs), supported by their first mover advantage, while LBRT, PUMP, AESI,

and KGS continue to advance their respective solutions and gain traction. CVX, WMB, and INDUSTRY RISKS

BKV are also meaningfully growing into the behind-the-meter market. Following LBRT's

MW over-capacity, substitute technologyrecent $333mm supply agreement with Wartsila (>300MW), we provide a recap of the

displacing distributed power generation assets,

multiple OEMs supporting the Power Services players. an accommodating grid, increased competition

resulting in margin degradation.

• VoltaGrid. VoltaGrid leads the group with total secured capacity of 7.5GW by 2030

(link) and utilizes a proprietary 25MW QPac reciprocating engine developed with INNIO-

Jenbacher (INIO), which has the ability to handle the high transient load associated with

AI compute, not requiring battery power to supplement.

• SEI. Since acquiring MER two years ago, SEI scaled its capacity supported by CAT

Solar turbines, including 5.7MW, 16.5MW, and 38MW units. Recently, it diversified its