Clean Energy: Weekly Tearsheet: Global Alt Energy Mid-26 Outlook Webinar This Week, BE Updates, ARRY M&A, EOSE Preliminary Results

Research evidence excerpt

Clean Energy: Weekly Tearsheet: Global Alt Energy Mid-26 Outlook Webinar This Week, BE Updates, ARRY M&A, EOSE Preliminary Results

Mark Strouse, CFA AC North America Equity Research

(1-212) 622-8244 20 July 2026 J P M O R G A N

mark.w.strouse@jpmorgan.com

Financial terms were not disclosed, though the program is structured to scale with

evolving national defense requirements.

• GEV Wins Two Berlin Substation Contracts. GEV was awarded two contracts by

Stromnetz Berlin for the design, delivery, and installation of 110 kV gas-insulated

substations in Wittenau and Neukölln, both utilizing GEV's SF6-free g3 technology. The

Wittenau project runs June 2026 through March 2031, and the Neukölln project runs June

2026 through January 2032; financial terms were not disclosed.

• FLNC to Supply 800 MWh Smartstack System for Avantus Rexford 2. Fluence was

selected by Avantus to provide its Smartstack solution and EPC services for the 200 MW

/ 800 MWh Rexford 2 solar-plus-storage project in Tulare County, California. The 4-hour

duration system will draw on FLNC's U.S. manufacturing network across Utah, South

Carolina, and Texas, with construction expected to begin in 2027 and commercial

operation targeted for late 2028.

• HASI Prices $1bn Green Senior Unsecured Notes. HASI priced $1bn in aggregate

principal of 5.950% green senior unsecured notes due 2033, with net proceeds of ~

$987mm. Proceeds will initially be used to pay down borrowings under HASI's revolving

credit facility or commercial paper programs, with the full amount ultimately earmarked

for new or existing eligible green project investments within two years of issuance.

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