2G Energy Lands 275 MW US Data-Centre Order as Berenberg Sets 91 Euro Target

2G Energy will supply 275 MW of containerised power units to Energy Vault for US AI data centres, with delivery scheduled between late 2027 and 2028.

A major North American contract has opened a fresh chapter for 2G Energy, the German maker of combined heat and power systems. Energy Vault Holding Inc. has placed an order for containerised power generation units totalling 275 megawatts — a deal that marks the company's entry into direct energy supply for large-scale US computing facilities.

The news, announced on Wednesday, failed to lift the stock. Shares of the Heek-based manufacturer shed 3.6 percent on the following trading day to close at 63.15 euros. Market participants could point to no company-specific trigger for the decline, particularly given that the stock has already climbed 80 percent since the start of the year.

Powering AI Infrastructure Off the Grid

Under the agreement, 2G Energy will supply energy infrastructure for artificial intelligence data centres. Delivery of the units is currently scheduled for the window between the fourth quarter of 2027 and the third quarter of 2028.

Energy Vault will deploy the systems within its "Powered Land" and "Powered Shell" offerings, which target data-centre operators and hyperscalers. The containerised units are built and tested at 2G Energy's Westphalian plant in Heek before being shipped and commissioned on site in the United States.

The appeal of decentralised generation in North America is growing as public grids strain under the weight of soaring demand. The rapid build-out of AI computing capacity is pushing electricity consumption higher, while transmission-line projects stall in many regions. That mismatch has thrust grid-independent, on-site power supply into the spotlight.

Berenberg Launches Coverage With a Buy

Analysts have taken notice of the opportunities emerging from the intersection of distributed generation and the power hunger of modern technology hubs. Berenberg initiated coverage of 2G Energy on 14 September with a buy rating and a price target of 91.00 euros, published under the title "Gassing up AI."

The private bank places particular emphasis on the long-term service contract attached to such orders, which is typically structured to run for a decade. First Berlin is even more bullish on the new deal. Analyst Dr. Karsten von Blumenthal estimates its total volume at 275 million euros. Beyond data centres, the study identifies large-scale heat pumps as well as the German market for biogas plants and reserve power stations as key pillars of future business development.

Capacity Expansion Underway in Heek

To handle rising volumes, 2G Energy is expanding its production capacity, with a second manufacturing site slated for completion by the end of 2027. The large order reinforces the momentum of the current financial year.

Management has guided for group revenue of between 440 and 490 million euros for full-year 2026, with an operating margin before interest and taxes in a range of 9.5 to 10.5 percent. For the following year, the company is targeting revenue of 570 to 620 million euros at a margin above 11 percent.

A Packed Calendar Ahead

Attention now shifts to next week's operating update. On Tuesday, 29 September, 2G Energy will publish preliminary figures for the first half of 2026. Two days later, on Thursday, 1 October, the management board will host its first Capital Markets Day at the company's headquarters in Heek, before the full half-year report follows on 15 October. Deeper insight into how the US project will be executed and how the company intends to position itself over the long term is expected shortly.