Core Insights - TotalEnergies has signed a 21-year power purchase agreement (PPA) with Google to deliver 1TWh of certified renewable power from the Citra Energies solar plant in Malaysia [1] - The construction of the solar farm is set to begin in early 2026, with the PPA expected to commence upon financial closure anticipated in Q1 2026 [2] Company Developments - TotalEnergies, in partnership with MK Land, secured the project under Malaysia's Corporate Green Power Programme [2] - The agreement is part of Google's strategy to invest in clean energy and support local electricity system growth [3] - TotalEnergies has established similar renewable energy contracts with various companies, aiming to assist customers in achieving decarbonization goals [4] Strategic Goals - The PPA reflects TotalEnergies' capability to provide competitive power solutions tailored for major tech companies in both mature and emerging markets [6] - The company aims for a profitability target of 12% in the power sector while developing a diverse portfolio of renewable and flexible energy assets [6] Capacity and Future Targets - As of October 2025, TotalEnergies claims to have over 32GW of installed gross renewable generation capacity, with a target of 35GW by the end of 2025 and over 100TWh of net electricity production by the end of the decade [7]

Core Insights - Brookfield's 2026 Investment Outlook emphasizes a significant investment period driven by structural, multi-decade cycles, including rising electricity demand, rapid AI adoption, and the reorientation of global supply chains [1][2] Infrastructure - A once-in-a-generation investment supercycle is underway, with infrastructure at its center, driven by AI, electrification, and reindustrialization [4] - Brookfield is collaborating with corporates and sovereigns to develop essential power, data, and logistics networks to support global growth [4] Renewable Power & Transition - Access to power is identified as a strategic priority for economic growth, with a focus on scalable, reliable, and clean energy solutions [5][6] - The approach includes a mix of renewables, storage, nuclear, and natural gas to meet soaring demand [8] Private Equity - The private equity sector is shifting towards operational excellence for value creation, moving away from financial engineering [7] - Opportunities are seen in industrial companies needing operational transformation due to deglobalization and digitalization [9] Real Estate - 2026 is expected to be a year of tactical investment in real estate, with a focus on selectivity and operational value creation [10] - Key areas of opportunity include diversified housing, logistics, and hospitality, driven by long-term structural demand [10] Credit - The credit market fundamentals are robust, with increasing demand for financing and a focus on disciplined underwriting [11] - High-quality borrowers and resilient income structures are prioritized to capitalize on attractive investment opportunities [11]

Summary of Global Metals & Mining: Lithium Outlook Industry Overview - The report focuses on the lithium market, particularly its outlook through 2026 and beyond, emphasizing demand from Energy Storage Systems (ESS) and medium- & heavy-duty vehicles [1][2][3]. Key Insights Demand Forecast - A market surplus is anticipated in 2026 and 2027, with demand for lithium from EV and ESS expected to surpass supply starting in 2028 [2][12]. - Lithium prices are projected to remain between $10-11/kg LCE for the next two years, increasing to $20/kg LCE from 2028 onward [2][12]. - Annual demand for ESS is expected to reach 767 GWh by 2030, growing at a compound annual growth rate (CAGR) of approximately 11% [4][45]. Supply Dynamics - Minimal changes to supply estimates have been noted, but higher demand from ESS and medium- & heavy-duty vehicle batteries has been factored in, moving the expected market deficit from 2030 to 2028 [3][18]. - The report highlights that lithium mines previously placed in care and maintenance (C&M) could be restarted quickly, potentially alleviating supply concerns [33][34]. Company-Specific Insights - Rio Tinto (RIO) has significant exposure to lithium and has capped its capacity at 200ktpa LCE by 2028, with cautious management preferring to invest further only when returns are assured [6][9]. - Other companies like ExxonMobil (XOM) and Chevron (CVX) have early-stage investments in lithium, indicating a growing interest in the sector [9]. Pricing and Market Balance - The lithium market is expected to remain well-supplied until 2027, with a deficit emerging in 2028 and 2029 due to rising demand from EVs and ESS [15][28]. - The industry's EBITDA margin is currently at 46%, above the long-term average of 40%, suggesting potential for price support [22][25]. Risks and Considerations - Short-term risks include the potential restart of lithium mines that were previously inactive due to low prices, which could lead to a less severe or resolved deficit in 2028 [33][34]. - Long-term risks may arise from brownfield expansions post-2030, with several projects in the pipeline that could impact supply dynamics [36][42]. Conclusion - The lithium market is poised for significant changes driven by increasing demand from ESS and electrification trends in transportation. While a surplus is expected in the near term, the outlook suggests a tightening market by 2028, necessitating close monitoring of supply developments and company strategies in the sector [1][12][18].

Core Viewpoint - EnerSys (ENS) is well-positioned to capitalize on robust business across diverse end markets and strategic acquisitions, with shareholder-friendly initiatives enhancing its appeal [1] Business Strength - EnerSys is experiencing growth in its Specialty segment, particularly in aerospace and defense, with a 16% year-over-year revenue increase in Q2 of fiscal 2026 [5] - The Energy Systems segment benefits from the expansion of U.S. communications networks driven by AI data demand, alongside increased industrial customer demand [5] - Global megatrends such as 5G expansion, rural broadband development, energy grid modernization, electrification, automation, and decarbonization are favorable for ENS [5] Solid Product Offerings - The company boasts a strong product portfolio and ongoing innovation, including lithium and fast-charge solutions, with maintenance-free product sales rising 14% year-over-year in Q2 of fiscal 2025 [6] - EnerSys has reinforced its leadership in NexSys Thin Plate Pure Lead (TPPL) products and launched a New Ventures product line for energy storage and management [6] Expansion Initiatives - EnerSys enhanced its product portfolio through acquisitions, notably acquiring Bren-Tronics, Inc. for $208 million in July 2024, which bolstered its position in the military and defense market and expanded its lithium offerings [7] - Acquisitions contributed a 1% increase in sales for ENS in Q2 of fiscal 2026 [7] Rewards to Shareholders - The company is committed to returning value to shareholders, having paid $18.9 million in dividends and repurchased $217.8 million in shares in the first half of fiscal 2026 [8] - EnerSys increased its quarterly dividend by 9% to 26.25 cents per share in August 2025 [8]

Core Insights - HyOrc Corporation is focusing on decarbonizing heavy industry through its U.S. rail initiatives, which are gaining attention due to increased scrutiny on emissions from traditional freight rail operations [1][2] - The company is collaborating with Zero-Emission Locomotive Technologies, LLC (ZELTECH) to develop retrofit solutions for existing diesel-electric fleets, enabling a transition to cleaner fuels without the need for complete fleet replacement [2][3] - HyOrc's initiatives are part of a broader strategy that includes green methanol production and modular CleanTech power systems, positioning the company as a key player in addressing multiple hard-to-abate sectors [5] Company Initiatives - The collaboration with ZELTECH aims to support hydrogen, renewable natural gas, and natural-gas-capable retrofit solutions for rail operators [2] - HyOrc's approach allows for the replacement of onboard diesel power plants with multi-fuel systems, maintaining operational performance while adapting to cleaner fuels [3] - Initial engineering and integration activities are underway, with pilot projects like California's Dreamstar Lines demonstrating the applicability of HyOrc's systems [4] Market Context - Recent sustainability reporting has highlighted the emissions challenges associated with U.S. freight rail, emphasizing the need for innovative solutions beyond minor efficiency improvements in diesel engines [2][4] - The company's initiatives are timely as the industry faces increasing pressure to reduce emissions and transition to more sustainable practices [2][4]

Core Viewpoint - KBR has been awarded a technology and engineering contract by IGNIS for a new green ammonia facility in A Coruña, Spain, which will enhance the production of renewable energy and contribute to sustainable practices in the industry [1][2]. Group 1: Contract Details - KBR will provide proprietary engineering design and pre-FEED engineering services for a green ammonia plant with a capacity of 200,000 tons per annum [2]. - The facility will utilize renewable energy to produce green hydrogen, which will then be converted into green ammonia, a crucial component for renewable fertilizers and a clean fuel alternative [2]. Group 2: Company Background - KBR has a long history in the ammonia market, having licensed, engineered, or constructed over 260 grassroots ammonia plants globally since 1943 [3]. - The company employs approximately 37,000 people and operates in over 29 countries, providing technology and engineering solutions to a diverse range of clients [4]. Group 3: IGNIS Overview - IGNIS is a global energy company focused on renewable generation and innovative energy solutions, with over 30 GW of projects under development across multiple regions [5][6]. - The IGNIS P2X division specializes in developing green hydrogen and its derivatives, contributing to the decarbonization of heavy industry and transportation sectors [6].

Core Insights - Technip Energies has been awarded a detailed engineering contract for PTTEP's Arthit Carbon Capture and Storage (CCS) project in the Gulf of Thailand, marking a significant step in the adoption of CCS technology in the region [1][4] Company Overview - Technip Energies is a global technology and engineering powerhouse with expertise in LNG, hydrogen, ethylene, sustainable chemistry, and CO2 management, contributing to critical markets such as energy and decarbonization [5] - The company generated revenues of €6.9 billion in 2024 and is listed on Euronext Paris [6] Project Details - The Arthit CCS Project, led by PTTEP, aims to reduce greenhouse gas emissions and is recognized under Thailand's Nationally Determined Contribution (NDC) Action Plan on Mitigation 2021–2030 [2] - The project will utilize existing infrastructure at the Arthit field while constructing new facilities, with a target operational capacity of approximately 1 million tonnes of CO2 per year [2] Engineering Scope - Technip Energies' responsibilities include detailed engineering for new CCS processing units and CO2 injection facilities, along with modifications to the existing Arthit Central Processing Platform [3] - This contract follows Technip Energies' successful completion of the Pre-FEED and FEED phases of the project between 2022 and 2023 [3]

Core Viewpoint - Google has signed a solar power agreement in Malaysia to secure clean electricity for its global operations, highlighting the tech industry's commitment to decarbonization efforts [1][2]. Group 1: Agreement Details - Google will purchase power from a 30-megawatt solar farm developed by a consortium led by Shizen Energy Inc., with operations expected to start in 2027 [2]. - The agreement is part of Malaysia's initiative to provide green power to companies, aiming for 70% of its installed power capacity to be renewable by 2050, up from 26% last year [4]. Group 2: Industry Context - The agreement reflects the challenges faced by tech firms like Google, Microsoft, and Amazon in decarbonizing their energy-intensive operations in Asia, which remains heavily reliant on fossil fuels [3]. - Long-term power purchase agreements (PPAs) are becoming essential for companies to meet emissions goals, providing financial stability in a region with regulatory uncertainties [5].

Core Insights - Duke Energy (DUK) is heavily investing in renewable energy and modernizing its power grid to meet long-term decarbonization goals and support new electricity demands [1][8] - The company plans to invest $190-$200 billion over the next decade, with significant allocations for clean energy projects [3][8] - Duke Energy is participating in a $400 million Department of Energy initiative to accelerate the deployment of Small Modular Reactors (SMRs) [2][8] Investment Plans - Duke Energy's planned investment of $190-$200 billion over the next decade includes $95-$105 billion specifically from 2026 to 2030 [3] - In the first nine months of 2025, Duke Energy has already invested $9.88 billion and is on track to reach approximately $15 billion for the full year [4] Market Demand and Growth - The investments are aimed at boosting clean energy capacity, supporting increased electricity demand, and enhancing the overall system [4] - The company is expected to benefit from rising demand for reliable, low-carbon electricity, creating new growth and revenue opportunities [1] Earnings Estimates - The Zacks Consensus Estimate indicates a year-over-year EPS increase of 7.12% for 2025 and 6.19% for 2026 [7][9] Competitive Landscape - Other utilities are also making significant investments; for example, NextEra Energy plans to invest nearly $74 billion through 2029, while Exelon Corporation plans to invest nearly $38 billion from 2025 to 2028 [5][6] Stock Performance - Duke Energy's stock is trading at a premium with a forward 12-month price-to-earnings ratio of 17.04X compared to the industry average of 14.75X [10] - Over the past year, Duke Energy's shares have increased by 4.8%, while the industry has seen an 18.5% growth [12]

Core Insights - A joint study has been initiated by American Bureau of Shipping (ABS), ENEOS Corporation, Nippon Yusen Kabushiki Kaisha (NYK Line), and SEACOR Holdings Inc. to develop a methanol bunkering and supply chain network along the U.S. Gulf Coast [1][2] - The objective is to establish the first commercial-scale ship-to-ship methanol bunkering operations in the U.S., aligning with the International Maritime Organization's target of net-zero greenhouse gas emissions by 2050 [2][4] Company Contributions - ENEOS will focus on the procurement and supply of low-carbon methanol, including green methanol produced by C2X through the Beaver Lake Renewable Energy project in Louisiana [3][8] - NYK Line will utilize its experience in LNG bunkering infrastructure to provide technical expertise for methanol bunkering vessels [3][8] - SEACOR will leverage its expertise as a Jones Act qualified owner and operator, contributing to the design, engineering, and construction of the bunkering operations [4][8] - ABS will offer class and regulatory support necessary for establishing methanol bunkering operations in the U.S. [4][8] Industry Context - Low-carbon methanol is gaining traction as a next-generation marine fuel due to its ease of handling and potential to reduce greenhouse gas emissions [2] - The initiative aims to contribute to a carbon-neutral future for the maritime industry, addressing the increasing demand for practical solutions to meet environmental targets [4]