This $25 billion nuclear power plant is Turkeykey's first, but to NATO, it's a potential security risk. That's because Russia is the one funding it, building it, and operating it for the next 60 to 80 years. But for Turkey, the Oku nuclear power plant is a big step towards energy independence and economic development.With multiple major pipelines carrying natural gas and oil running through Turkey, the nation leverages its geographical location and infrastructure to act as an energy trader in the region. Bu ...

Project Overview - Turkey's first nuclear power plant, Akkuyu, is a $25 billion project funded, built, and operated by Russia, raising security concerns for NATO [1] - The plant aims to reduce Turkey's energy import volume by approximately 7 billion cubic meters annually [7] - Once fully online, the four reactors will have an installed capacity of 4.8 gigawatts, generating about 10% of Turkey's electricity [6] Geopolitical Implications - Russia gains a foothold in a NATO member through the Akkuyu project, potentially increasing its influence in the region [8][10] - Concerns exist that Russia could use the plant's seaport as a military facility or as leverage for political bargaining, such as halting fuel deliveries or maintenance [10][11] - NATO expresses concerns about potential security risks due to Russia's involvement, while the Kremlin asserts it's a mutually beneficial partnership [1][16] Turkey's Energy Strategy - Turkey seeks energy independence and economic development through the Akkuyu Nuclear Power Plant, reducing reliance on energy imports from countries like Russia, Iran, and Azerbaijan [2][3] - Turkey has been trying to build a nuclear power sector since the 1950s, with the deal with Russia signed in 2010 based on a build-own-operate model [4] - Turkey is in talks with several countries to build another nuclear power plant, but dependence on one supplier is a concern [19] Russia's Role and Investment - Rosatom, Russia's state nuclear agency, is responsible for all aspects of Akkuyu, from construction to decommissioning, representing a unique model for the industry [5] - Rosatom is investing around $25 billion in the project and needs to operate it for decades to recoup expenses, creating incentives for maintaining a stable political relationship [15] - The knowledge Turkish operators gain from Russia for this specific power plant deepens Turkey's dependency on Russia [14]

Watch: Turkey has spent decades trying to build a nuclear power plant to boost its energy independence. Now, it’s finally getting one thanks to Russia. https://t.co/Ct03xPFBbL ...

Scott Nolan is the founder and CEO of General Matter, a venture-backed company that with the blessing of the Department of Energy just broke ground this week on a new private venture at the very same facility. Nolan is also a partner at Founders Fund and he joins us now. Scott, it's great to speak with you.Thanks for having me on. So, let's start right there because this is going to be the first in the US privatelyowned and operated uranium enrichment facility. How is this going to work.So yes, earlier this ...

Financial Data and Key Metrics Changes - The company reported a record second quarter EBITDA, with adjusted EBITDA up 7% compared to 2024, and earnings per share increased by 12% [25][9] - The debt to EBITDA ratio improved to 4.7 times as of June 30, primarily due to earnings from US gas utility acquisitions [9][30] - The company expects to finish the year in the upper end of its EBITDA guidance range and is well on track to meet its DCF per share midpoint [9][28] Business Line Data and Key Metrics Changes - In the Liquids segment, mainline volumes averaged 3,000,000 barrels per day, although there were weaker results at FSP and Spearhead, leading to a slight decrease compared to 2024 [25][26] - Gas transmission saw strong operational performance, with contributions from the Whistler JV and DBR system acquisitions, alongside revised rates on U.S. GT assets [26][27] - The gas distribution segment benefited from the acquisition of US gas utilities, higher rates, and colder weather, contributing to strong results [27][22] - Renewable power saw lower contributions from European offshore assets, partially offset by stronger wind resources in North America [27] Market Data and Key Metrics Changes - The company is well-positioned to capitalize on growing energy demand in North America, with its natural gas systems located near significant power generation facilities and data centers [15][14] - The company has a significant footprint in the Gulf Coast, connected to 100% of operating LNG export capacity, enhancing its market position [14][15] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, with a target of $9 to $10 billion in annual investment capacity, prioritizing low multiple brownfield and utility-like projects [30][33] - The company is advancing a $32 billion secured capital program, adding visibility to its expected 5% growth through the end of the decade [35] - The company is actively pursuing opportunities across all business units, with a focus on renewable energy and gas transmission to meet rising power demand [16][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about ongoing conversations with policymakers to advance projects that meet growing energy demand [7][8] - The company highlighted its stable business model, which has protected it from commodity price volatility, with over 98% of EBITDA generated by regulated returns or long-term contracts [13][12] - Management remains confident in achieving near-term and medium-term growth outlooks despite challenges such as higher U.S. interest rates [29][28] Other Important Information - The company has sanctioned several projects, including the $900 million Clear Fork project in Texas, which is fully contracted under a long-term off-take agreement with Meta [11][12] - The company is also advancing multiple gas transmission projects to serve growing industrial power and LNG demand across North America [19][20] Q&A Session Summary Question: Opportunities for natural gas expansion - Management discussed various opportunities across their footprint, particularly in gas transmission and renewable sectors, highlighting 35+ opportunities for gas transmission [39][42] Question: Wood fiber project cost expectations - Management acknowledged higher capital costs for the wood fiber project but emphasized their ability to earn a low double-digit return [45][48] Question: Energy policy evolution in Canada - Management noted that current energy policies in Canada are not conducive to new pipeline investments, focusing instead on incremental projects to serve customer needs [53][56] Question: Ohio rate case impact - Management expressed confidence in the Ohio utility's growth despite disappointment in the recent rate case, highlighting strong ROE and capital riders [59][62] Question: Data center contractual frameworks - Management emphasized the importance of credit quality in customer contracts, favoring long-term agreements with established utilities and large tech companies [99][100]

Financial Data and Key Metrics Changes - Enbridge reported record second quarter EBITDA, with a 7% increase compared to 2024, and earnings per share rose by 12% [24][25] - The debt to EBITDA ratio improved to 4.7 times, primarily due to earnings from US gas utility acquisitions [7][30] - The company expects to finish the year at the upper end of its EBITDA guidance range and is on track to meet its DCF per share midpoint [7][28] Business Line Data and Key Metrics Changes - Liquids segment transported an average of 3,000,000 barrels per day, although results from FSP and Spearhead showed a slight decrease compared to 2024 [25] - Gas transmission saw strong operational performance, with contributions from Whistler JV and DBR system acquisitions [26] - Gas distribution increased due to US gas utility acquisitions, higher rates, and colder weather [27] - Renewable power contributions were lower from European offshore assets but offset by stronger wind resources in North America [27] Market Data and Key Metrics Changes - Enbridge's natural gas systems are strategically located near 29 new data centers and 78 coal plants, representing significant growth opportunities [13][43] - The company is well-positioned to capitalize on growing energy demand in North America, with connections to 100% of Gulf Coast operating LNG export capacity [13] Company Strategy and Development Direction - Enbridge is focused on disciplined capital allocation and has a secured capital program of $32 billion, aiming for 5% growth through the end of the decade [34] - The company is advancing multiple projects across its business units, including a $900 million Clear Fork project in Texas and expansions in gas transmission [10][11] - Enbridge's strategy includes leveraging its diverse asset base to deliver predictable returns and maintain its dividend aristocrat status [12][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about ongoing dialogues with policymakers to enhance North American energy independence [5] - The company remains confident in its ability to navigate trade conflicts and geopolitical volatility while capitalizing on rising power demand [6][12] - Management highlighted the stability of Enbridge's business model amid market turbulence, with 80% of EBITDA generated from regulated assets [12] Other Important Information - Enbridge's renewable projects are expected to benefit from recent US legislative changes, enhancing the value of its backlog [22] - The company has a strong focus on economic reconciliation and partnerships with indigenous communities, as demonstrated by the investment in the West Coast system [31] Q&A Session Summary Question: Opportunities in Natural Gas Expansion - Management highlighted numerous opportunities across the gas transmission and renewable sectors, particularly in areas with rising industrial and power demand [39][44] Question: Wood Fiber Project Cost Drivers - Management acknowledged higher capital costs due to various factors but emphasized the ability to earn a low double-digit return on the project [46][49] Question: Energy Policy Evolution in Canada - Management noted that current energy policies in Canada are not conducive to new pipeline investments, focusing instead on incremental projects to meet customer needs [53][57] Question: Ohio Rate Case Impact - Management expressed confidence in the Ohio utility's growth despite disappointment in the recent rate case outcome, highlighting strong ROE and ongoing rate cases in other jurisdictions [59][62] Question: Data Center Contracts and Counterparty Risks - Management emphasized the importance of strong credit profiles for counterparties and the preference for long-term contracts with utilities [100][101]

Core Viewpoint - Rolls-Royce is investing $75 million to expand its engine manufacturing facility in Aiken, South Carolina, to enhance production of mtu Series 4000 diesel engines for critical infrastructure [1][2]. Group 1: Investment and Expansion - The investment will increase output of mtu Series 4000 diesel engines, which are essential for backup power systems in data centers [1]. - The expansion is expected to create 60 new jobs and strengthen Rolls-Royce's industrial presence in the U.S. [2]. - The first phase of the expansion is set to begin in Q1 2026, with production starting in July 2027 [4]. Group 2: Strategic Shift - This move indicates Rolls-Royce's strategic shift towards energy and power systems, moving beyond its traditional aerospace focus [2]. - The company plans to machine additional mtu Series 4000 components in the U.S., reducing reliance on German production [3]. - The South Carolina site will serve as a hub for Rolls-Royce's North American power systems strategy [4]. Group 3: Market Demand - The investment reflects the growing demand for reliable, domestically produced energy systems in the U.S., contributing to energy independence and security [3]. - The expansion aligns with the fast-growing American data center industry, enhancing service capabilities for U.S. customers [2].

Core Insights - Sunrun is activating over 130,000 home batteries to support the U.S. power grid during the summer, representing more than two-thirds of its total battery fleet [1] - The company can dispatch 650 megawatts of peak power, sufficient to power 480,000 homes, addressing the increasing electricity demand in America [1][2] - Sunrun's storage-first strategy has positioned it among the top five energy storage operators in the U.S., with nearly a gigawatt of installed battery capacity [2] Company Strategy - Sunrun's focus on pairing storage with solar energy allows for rapid deployment of new generating capacity to stabilize the grid and promote energy independence [2] - The company's subscription model enables the aggregation and management of home batteries, enhancing grid reliability [5] - Sunrun's innovative approach has led to a storage attachment rate of nearly 70% among new solar customers in the first quarter of the year [2] Operational Impact - Sunrun's dispatchable power plants have provided hundreds of megawatts of peak power to the grid in various states, aiding in grid stabilization during high demand periods [3][4] - The company operates 17 dispatchable power plant programs in partnership with electric utilities, which help prevent blackouts and improve reliability [4] - Sunrun's ability to deploy utility-scale battery capacity within months allows for quick responses to grid demands, saving costs for connected families [4] Market Position - Sunrun is the largest distributed battery power plant provider and operator globally, accounting for approximately half of all new home battery installations in the U.S. [2] - The company has been called upon by utilities in states like Arizona and New York to dispatch essential energy during periods of high temperatures [7] - Sunrun's capacity to respond to emergency power events has been demonstrated in Puerto Rico, where it has dispatched stored solar energy multiple times this year [7]

Company Overview - Eos Energy Enterprises, Inc. is a leader in designing, manufacturing, and providing zinc-based long duration energy storage systems in the United States [3] - The company aims to accelerate American energy independence with innovative solutions that transform energy storage [3] - Eos's Znyth™ aqueous zinc battery is designed to address the limitations of conventional lithium-ion technology, offering safety, scalability, efficiency, and sustainability [3] Recent Developments - Eos announced its participation in the Stifel 2025 Boston Cross Sector 1x1 Conference, where CEO Joe Mastrangelo will attend and engage in 1x1 investor meetings [2] - Investors interested in meeting with Eos management are encouraged to contact their representatives at Stifel [2] Product and Market Position - Eos provides a reliable energy storage alternative for utility, industrial, and commercial customers, with applications ranging from 3 to 12 hours [3] - The company was founded in 2008 and is headquartered in Edison, New Jersey [3]

Financial Data and Key Metrics Changes - The company recently closed a strategic direct Series A investment of $20 million for approximately 2% of Biolium Corporation, which is expected to exceed the previously discussed $700 million cap [2][31] - The valuation for the Series A is anticipated to be higher than the initial cap, with expectations of reaching over $1 billion [40][51] Business Line Data and Key Metrics Changes - Comstock Metals is experiencing rapid revenue growth and has achieved significant industry recognition, including becoming the first company in North America to earn stringent recycling certifications [55][56] - The solar panel recycling facility is fully operational with three shifts, handling increased demand and preparing for industry-scale production [95] Market Data and Key Metrics Changes - The renewable fuels market is currently facing challenges, but the company is positioned to capitalize on strategic partnerships and market demand for biolium oils and renewable diesel [36][94] - The company has secured a $3 million incentive grant and a $152 million bond application for its Oklahoma facility, indicating strong local support and investment interest [32] Company Strategy and Development Direction - The separation of Biolium Corporation from Comstock Inc. is seen as a strategic move to allow both entities to focus on their respective markets, with Biolium targeting renewable fuels and Comstock Metals focusing on mining and recycling [49][66] - The company aims to take Biolium public at the optimal time to maximize valuation, emphasizing the importance of achieving certain milestones before an IPO [36][84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of both businesses, highlighting the importance of strategic partnerships and the need for capital to support ongoing development [64][68] - The company is focused on enabling energy independence and believes it has the technology to significantly impact the renewable fuels market [67][89] Other Important Information - The company holds $65 million in preferred stock in Biolium, convertible into 32.5 million common shares, which positions it favorably for future growth [49][50] - The management team is committed to ensuring that both companies are well understood by investors, with plans for ongoing communication and updates [41][91] Q&A Session Summary Question: When do you believe you will complete the Series A, and how much of Biolium do we own today? - Completion of the Series A could occur between June and September, with expectations that it will not exceed 10% of the company [72] Question: When will you start capital raising for the first Oklahoma refinery? - Capital raising efforts are underway, with significant bond allocations already secured, and project plans are progressing [74] Question: Is Marathon's contribution part of the $20 million Series A, or is it all cash? - The $20 million is cash, while Marathon's contribution was in kind, providing a state-of-the-art pilot facility [77][78] Question: When would you expect an IPO, and why not just spin it out public today? - An IPO is not expected until the company has matured and achieved revenue, as premature public offerings can lead to unfavorable valuations [81][83] Question: Will you be announcing additional offtakes and license agreements for Biolium Corp? - Additional offtake agreements are anticipated, with ongoing partnerships with Marathon and other strategic entities [91][94]