Electrification Industrials


October 30, 2025

Picks & Shovels: GEV books another CCGT; PRIM customer cancels a project

By Austin Wang

GE Vernova secured another 1.2GW of CCGT demand in Indiana. A key customer for Primoris cancels a $300mm BESS facility, possibly over NIMBY opposition. GEV ($575.14, BUY) – GEV inks 1.2GW CCGT in Indiana (link)GE…

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October 21, 2025

ShovelCheck – top 3 gas turbine E&C emphasizes scale = staffing flex

By Austin Wang

We spoke with the head of business development at a leading gas power E&C. Pricing trends continue to inflate sequentially with even brownfield work seeing inflation. We also dissect exactly how staffing expansion happened at…

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October 17, 2025

Picks & Shovels: new gas turbine OEM, major hiring in transmission OEM

By Austin Wang

Major transmission OEM announces large hiring plans. South Korean gas turbine secures first U.S. order. Major RTO receives FERC approval to consider BTM generation in approving transmission offtakes. PRIM ($138.82, BUY) – Hitachi to hire…

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October 8, 2025

Picks & Shovels: Secretary of Energy on data centers, liquid cooling product launch

By Austin Wang

Secretary of Energy stresses need for collocated power in media appearance. A Vertiv rival held a launch event reintroducing an expanded liquid cooling suite for AI / HPC applications. Vertiv announces the impending appointment of…

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October 3, 2025

Picks & Shovels: Matador, Siemens Energy 2GW gas order, GEV Onshore Wind order

By Austin Wang

Fermi S-11 sets extremely ambitious timeline for gas & nuclear generation deployments, discloses possible PRIM involvement. Xcel Energy has purchased 2GW in gas generation from GEV competitor Siemens Energy to serve load growth in TX,…

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September 22, 2025

Capacity is King: Initiating coverage on Generation E&Cs PRIM & AGX

By Austin Wang

We initiate coverage on solar & gas generation E&Cs Primoris (PRIM $121.94, BUY) and Argan (AGX $259.58, HOLD) at a time when E&Cs are seeing unprecedented pricing power. The conversation is shifting now from if…

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