Our Research

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…

Is the Recent Spate of Stock Pumps Potentially being Timed to “Juice” the Stock Ahead of a Potentially Forthcoming Adverse Ruling in the California DMV’s Case Against Tesla? Strip away the promotional noise and the…

We sat down with one of Vertiv’s private competitors in PDUs and liquid cooling to talk through the competitive landscape for the 800V offerings required to serve Vera Rubin architectures. He emphasized that a lack…

LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.74% to $5.29/lb; aluminum +0.47% to $1.41/lb; nickel -0.02% to $7.66/lb; zinc +0.10% to $1.48/lb; lead +0.82% to $1.10/lb; gold -0.40% to $4,212/oz; silver +0.71% to $62.25/oz;…

Did Piper Sandler Make a Wild Claim Based on Cherry-Picked Data? Tesla’s share price outperformed in yesterday’s trading session, which many attributed to a Wall Street analyst report from Piper Sandler, which concluded, based on…

We want to call out both the accelerative floor on long-term targets for ’28 and validation on our Power Services thesis. First, GEV guided ’28 EBITDA to $10.4bn vs. our $9.8bn (backing out Prolec) and…

California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…