Wolfe GREEN Playbook 05/24/26

研报英文原文证据摘录

Wolfe GREEN Playbook 05/24/26

MayMay24,24,20262026

Exhibit 2: Planned BESS capacity

Source: Company filings, Wolfe Clean Energy estimates

Competitive implications for FLNC

We see this outlook as a double-edged sword for FLNC, specifically. While the company is fully contracted as

the offtaker for Fixx’s (formerly AESC) Tennessee cell plant and has secured additional cells from an unnamed

second supplier (we assume LG), continued growth of the core utility-scale market and burgeoning demand from

data centers will necessitate additional capacity sometime in the next ~12-24 months. Line 2 of Fixx’s TN plant

remains an option, as are LG, Samsung, and SK. In short, FLNC is set up well for supply in the near term with

several long-term options that can be secured as cell pricing catches up (we assume lower pricing given the

increased capacity). The competitive risk, in our view, is on the integration side more than the product side as

many of the new entrants are offering cells, containerized solutions, and full-wrap integration. This creates a

somewhat confusing dynamic as players like LG will both sell to, and compete with, integrators like FLNC. Ford

is also now in the mix as a direct competitor, but it’s unclear if they will be offering cell supply to others. TSLA is

also making their own cells and continues on the path towards full integration all the way through lithium

refining. For FLNC, this means more US competition and a gradual loss of the first-mover advantage in domestic

content qualifying products, but the playing field has also become more level with low-cost Chinese players

getting shut out. In short, while the competitive landscape is evolving, the demand outlook remains robust with