2G Energy's 275 MW US Deal Splits the Street as Delivery Slips to 2028

2G Energy's 275 MW Energy Vault order for US data centres divides analysts, with price targets ranging from EUR 39 to EUR 83.

A single contract announcement has turned 2G Energy into one of the more divisive names on the German small-cap circuit. The Heek-based combined heat and power specialist confirmed on Wednesday that it had secured a 275 MW order from Energy Vault Holdings Inc., covering containerised power generation units destined for AI and data-centre infrastructure across the United States. The package extends beyond hardware to include long-term service agreements.

Investors, however, greeted the news with a shrug. The stock closed Friday at EUR 58.95, down 6.3% on the day, even as it retains a gain of 68% since the start of the calendar year.

Two Houses, Two Very Different Targets

The split in analyst opinion is stark. First Berlin Equity Research reaffirmed its buy rating on Thursday and lifted its price target from EUR 76.00 to EUR 83.00, pointing to the US mega-order as evidence of 2G Energy's potential in the expanding data-centre infrastructure market. Parmantier & Cie. moved in the opposite direction the following day, restating its sell recommendation with an unchanged EUR 39.00 target — a gap of more than EUR 40 between the two houses.

Parmantier's reservations centre on what the company did not disclose. The research outfit flagged the absence of detail on payment terms, advance payments and any cancellation compensation attached to the contract. It also raised the prospect of a capital increase, though it was careful to label that scenario as its own assessment rather than anything signalled by management.

A second Parmantier note, also referenced in media reports on Friday, acknowledged the order as proof of genuine demand while repeating doubts over financing and payment modalities. The analysts further stressed the project's distant horizon: equipment delivery is not scheduled until sometime between the fourth quarter of 2027 and the third quarter of 2028.

The Long Wait for Revenue

That extended timeline sits at the heart of the scepticism. While bulls see a strategic milestone in the push into US data-centre power, bears point to execution risk and the lengthy stretch before the contract contributes to the top line. The order itself was announced last Wednesday and covers 275 MW of generating capacity for AI and computing infrastructure customers in the US.

Catalysts Just Days Away

Clarity may arrive sooner than the delivery schedule suggests. On Tuesday, 29 September, 2G Energy will publish preliminary figures for the first half of 2026. Two days later, on Thursday, 1 October, the company hosts its inaugural Capital Markets Day in Heek — an event investors are likely to use to press for finer detail on the terms and timeline of the US project.