Clean Energy: Weekly Tearsheet: MTZ Acquires Superior Group, FRVO Reports Positive Drilling Progress, RUN Launches Distributed Compute Pilot

Research evidence excerpt

Clean Energy: Weekly Tearsheet: MTZ Acquires Superior Group, FRVO Reports Positive Drilling Progress, RUN Launches Distributed Compute Pilot

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

13 July 2026

Clean Energy

Weekly Tearsheet: MTZ Acquires Superior Group,

FRVO Reports Positive Drilling Progress, RUN

Launches Distributed Compute Pilot

• Stocks under coverage decreased by 4.4% last week, on average, Clean Energy, Power Infrastructure,

underperforming the S&P 500 (up 1.4%). The biggest weekly outperformers and Sustainable Investing

were Neutral-rated SEDG (up 5.3%) and Neutral-rated ENPH (up 4.0%), while Mark Strouse, CFA AC

the biggest underperformer was Underweight-rated FCEL (down 25.0%). (1-212) 622-8244

mark.w.strouse@jpmorgan.com

• MTZ Steps Inside the Fence with Acquisition of Superior Group; Michael G Fairbanks

Maintain Overweight. MTZ announced the $1.65bn acquisition of The (1-212) 622-4908

Superior Group, a full-service electrical contractor with 3k employees and a michael.fairbanks@jpmchase.com

roughly 100-year operating history, focused primarily on data center and Anna Zhu

mission-critical infrastructure. Superior provides end-to-end electrical (1-212) 622-0012

solutions spanning design, preconstruction, construction, prefabrication, anna.zhu@jpmorgan.com

J.P. Morgan Securities LLC

modular manufacturing, and ongoing maintenance. The transaction, expected

to close in mid-to-late July 2026, is immediately accretive to revenue, adjusted

EBITDA, EPS, and cash flow from operations, and meaningfully extends

MTZ's infrastructure capabilities from outside-the-fence power and

communications work to inside-the-fence electrical systems — completing

what we view as a full-lifecycle data center infrastructure offering. We view the