Watt Lies Ahead: BTM Space Poised To See New Orders

Research evidence excerpt

Watt Lies Ahead: BTM Space Poised To See New Orders

USA | Power & Utilities EquityJulyResearch8, 2026

Exhibit 1 - 6x Fleet Over 5 Years, Yet DemandWatt Lies Ahead: BTM Space Poised To See

New Orders Outstrips CumulativeSupply BTM Capacity Fleet 6x By 2031

12.0

9.8 10.8 11.0

We hosted a series of recent constructive behind-the-meter industry fireside 10.08.0 7.1

4.5chats. Look for orders in 2H26 with momentum into 2027. Debate is GWs 6.04.0

1.9

2.0increasingly shifting towards the potential for compounding growth after 2030.

-

2026 2027 2028 2029 2030 2031

The outlook for WMB remains underappreciated and we look for material SEI PUMP LBRT KGS

announcements ahead. Despite strong momentum, we do not expect BTM to .Source: JEF Research, Company Filings

become cost-competitive relative to FTM. Despite being more hesitant on BTM earlier

on, we see opportunity for this opportunity

to backfill protracted grid timeline given

Bullish BTM but it is a bandaid rather than a panacea. We recently hosted KGS, LBRT (not acceleration in datacenter deployments. We

covered), and PUMP (not covered) for fireside chats and SEI (not covered) and AESI (not covered) see this pivot towards BTM as having

at our Texas Power Conference for the latest BTM insights. Constructive BTM conclusions and particularly materialized in the last 12-

anticipate new contracts in 2H26. KGS, LBRT, & PUMP expressed a high degree of confidence in months and even accelerated YTD amidst the

contracting their target capacities. Replacement risk from FTM appears to be an emerging concern, malaise on ERCOT's batch process efforts.

more pronounced than we have seen previously. This anxiety is driving a more competitive pricing

strategy.