Clean Energy: Weekly Tearsheet: INIO and EROC Initiations, PRIM Upgrade to OW, BE Expansion with Brookfield, GEV-Hitachi to Supply Proposed SMR Fleet

Research evidence excerpt

Clean Energy: Weekly Tearsheet: INIO and EROC Initiations, PRIM Upgrade to OW, BE Expansion with Brookfield, GEV-Hitachi to Supply Proposed SMR Fleet

J P M O R G A N North America Equity Research

06 July 2026

Clean Energy

Weekly Tearsheet: INIO and EROC Initiations, PRIM

Upgrade to OW, BE Expansion with Brookfield, GEV-

Hitachi to Supply Proposed SMR Fleet

• Stocks under coverage decreased by 2.3% last week, on average,

underperforming the S&P 500 (up 2.2%). The biggest weekly outperformers

were Underweight-rated FCEL (up 17.1%) and Overweight-rated EROC (up

12.4%), while the biggest underperformer was Overweight-rated MWH (down

15.0%)..

Clean Energy, Power Infrastructure,

• We initiated coverage of INIO with an Overweight rating and YE27 price and Sustainable Investing

target of $44. We believe INIO is well positioned to benefit from a global Mark Strouse, CFA AC

supercycle in distributed, high-quality power generation solutions as data (1-212) 622-8244

center electrification and grid constraints drive a step-change in demand for mark.w.strouse@jpmorgan.com

behind-the-meter generation. Our thesis is anchored by INIO’s established Michael G Fairbanks

(1-212) 622-4908

technology, robust installed base, and a service-driven business model that michael.fairbanks@jpmchase.com

supports growth, long-term visibility, and margin tailwinds over time. Our

Anna Zhu

YE27 PT of $44 is based on a 26x EV/EBITDA multiple applied to FY28E (1-212) 622-0012

EBITDA. Read the initiation here. anna.zhu@jpmorgan.com

• We initiated coverage of ERock (EROC) with an Overweight rating and J.P. Morgan Securities LLC

a YE27 price target of $24. We believe EROC’s modular, natural-gas fired

power solutions are ideally positioned to benefit from structural demand for