4/8 The Glue: Energy Storage
P/S: Sharp recovery to 4.0x
Market Cap: Breaking out
This is the Picks and Shovels trade of the renewable failures. The more wind and solar we add, the more unstable the grid becomes. The only patch for that instability is utility-scale batteries.
Look at the orange revenue bars. They are climbing. Unlike Hydrogen, Storage has a massive, funded backlog.
$FLNC has emerged as the pure-play leader. Their backlog is sticky, and their software margins are improving. However, the sleeping giant is $TSLA. Their Energy division is growing faster than their Automotive division, quietly becoming the dominant BESS (Battery Energy Storage System) provider in the West.
We are also seeing interest in longer-duration tech. $EOSE and $GWH are high-risk plays on non-lithium chemistry, but the market is starting to sniff out that 4-hour lithium batteries might not be enough.