JPM | US Energy: 2026 Natural Resources Conference Day 1 - Themes, Thoughts & Feedback

Research evidence excerpt

JPM | US Energy: 2026 Natural Resources Conference Day 1 - Themes, Thoughts & Feedback

Brendan Henrici - Specialist Sales - US Energy AC North America Specialist Sales J P M O R G A Nbrendan.henrici@jpmorgan.com

J.P. Morgan Securities LLC 23 June 2026

ENPH (Here):The conversation centered on the residential solar market reset and recovery trajectory, the scaling of the Propel

prepaid lease program, the downstream ecosystem value embedded in the safe harbor backlog, and the market opportunity for the

IQ solid-state transformer (SST). ENPH struck a cautiously optimistic tone, acknowledging near-term headwinds while pointing

to several concrete recovery vectors across the US, Europe, and the data center SST market.

FRVO (Here):The CFO described a highly constructive commercial environment, noting few alternatives exist for firm power

into the early 2030s, giving Fervo meaningful negotiating leverage. Hyperscalers, who historically lagged utilities on willingness

to pay, have since converged and pricing is now normalizing across buyer types. The company evaluates customers across a

framework of scale, price, and credit quality and favors diversification, though notes multi-GW hyperscaler contracts provide

increased construction planning visibility relative to utilities.

EOSE (Here): EOSE spoke to the go-live of its Thornhill facility outside Pittsburgh, which incorporated Line 1 learnings and

was brought online in approximately 6 months — consistent with management's stated timeline for future line additions. The new

layout meaningfully reduces material travel distance versus the legacy Turtle Creek facility, where raw materials traveled over 2

miles from entry. The new facility targets a 10-second battery module cycle time, with bipolar manufacturing improvements