Our Research

Bottom Line. Last Thursday (link), in what can only be described as unambiguously bad news for publicly traded Chinese solar manufacturers, the CCP quietly pulled the rug out from under the industry’s economics. Effective April…

Near-Term Outlook. At $12.91, CLF trades at ~17.0x our 2026E EV/EBITDA – well north of its 5.0-8.0x historical band. At this altitude, the market is already underwriting a lot of good news: EBITDA above our…

We break apart the state of play for GE Vernova, addressing new areas of emphasis out of an accelerative investor day and previewing 4Q (1/28). While we are taking both our estimates and our 12-month…

Anti-Involution Hopes Drove Stellar Performance in Chinese Solar Stocks in 2025. China’s “anti-involution” push in solar is Beijing admitting – quietly – that endless capacity growth and price wars have produced impressive volume statistics and…

What Changed? The impact to Tesla’s GAAP-EPS, quarterly, from its digital asset holdings is calculated as: ([Bitcoin Price on Last Day of Current Quarter – Bitcoin Price on Last Day of Prior Quarter] * Units…

LME Metal Prices Mostly Higher Yesterday. Copper -2.55% to $5.86/lb; aluminum +1.20% to $1.58/lb; nickel +4.76% to $9.85/lb; zinc +0.06% to $1.57/lb; lead +0.55% to $1.14/lb; gold -0.79% to $4,459/oz; silver -3.34% to $78.55/oz; platinum -5.67%…

Bottom line: Adjusting Q4 for reality rather than narrative – 418K in Q4 deliveries, a Q4 mix-shift toward heavily discounted Model Ys outside of China (with prices drifting from $39.9k in the U.S. to as…

Major Chinese solar producers are aggressively pushing for price increases across the entire value chain, citing rising costs for silver paste and raw materials. Despite these higher quotations, market transactions have largely stalled as downstream…

We understand that South Korea-based Doosan Enerbility, increasingly focused on winning a foothold in global large-scale gas turbines, has won an equipment order to provide the CCGT for a 2.4 GW power plant near Doha,…

Leading clean energy developer Matrix Renewables announced it would retain Tesla as E&C partner for its standalone 1GWh BESS in Eccles, Scotland. PRIM ($128.00, BUY) – Competitors receive full notice to proceed as E&C on…

Downstream value-chains pass on silver inflation in this week’s rally even as the upstream commodity takes a step back. Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures…

Google announced a landmark deal to acquire Intersect Power, a tier 1 clean energy developer and one of PRIM’s largest customers. We break apart this monumental shift in energy procurement strategy and what it means…

GE Vernova announced a major contract award to supply HVDC convertors for Adani Energy Solutions’ Gujarat, India renewable power transmission corridor. GEV ($661.81, BUY) – T&D India wins major India HVDC order (link)GE Vernova’s India…

LME Metal Prices Mostly Higher Yesterday. Copper +1.28% to $5.33/lb; aluminum +0.40% to $1.41/lb; nickel +1.24% to $7.53/lb; zinc +0.53% to $1.48/lb; lead +0.27% to $1.08/lb; gold -0.21% to $4,329/oz; silver -1.39% to $65.34/oz; platinum +1.28%…

Seoul, SK based Hyosung Heavy Industries announced plans to expand capacity by 50% at its 765 kV power transformer plant in Memphis, TN. GEV ($681.92, BUY) – SK-based OEM announces $157mm investment in Memphis HVDC…