2G Energy Wins Record 275 MW US Order as Analysts Split on Valuation

Energy Vault orders 275 MW of containerised power systems from 2G Energy for US AI data centres; First Berlin lifts target to EUR 83, Berenberg starts at EUR 91.

A single contract has reshaped the growth story for German combined heat and power specialist 2G Energy, pushing analysts to revise their targets even as the stock slipped in the immediate aftermath of the announcement.

Energy Vault Holdings Inc. has placed an order for containerised power generation systems totalling 275 megawatts — the largest single contract in 2G Energy's corporate history, according to First Berlin Equity Research. The units are destined for AI and data-centre applications across the United States, where grid congestion is increasingly forcing operators to look at on-site generation.

First Berlin's Dr. Karsten von Blumenthal pegs the total order value at EUR 275 million. The firm reaffirmed its buy rating and lifted its price target from EUR 76.00 to EUR 83.00, citing the improved visibility the deal provides for fiscal 2028 and beyond.

Delivery Timeline and Manufacturing Build-Out

Under the current project schedule, shipments will run from the fourth quarter of 2027 through the third quarter of 2028. The containerised systems are pre-assembled and tested at 2G Energy's headquarters in Heek, in the western German region of Westphalia, before being shipped to the US for on-site commissioning. The agreement extends beyond hardware to include commissioning and long-term service provisions.

To handle the rising volumes, 2G Energy is expanding its production footprint, with a second manufacturing site slated for completion by the end of 2027.

The order caps a period of mounting momentum in North America. In the first half of 2026 alone, incoming orders from the US reached EUR 350 million, with the bulk attributable to data-centre customers.

Berenberg Sees Longer-Term Value

Berenberg initiated coverage on 14 September with a buy rating and a EUR 91.00 target. Analyst Robert-Jan van der Horst highlighted the company's planned capacity expansion of roughly 750 MW by the end of 2027, alongside a project pipeline secured by advance payments that stretches well into 2029. He also singled out the long-term service contract attached to the Energy Vault deal, which is typically structured over a decade.

First Berlin's study identifies data centres, large-scale heat pumps, and the German market for biogas plants and reserve power stations as the key pillars underpinning future growth.

Strategic Moves Beyond the Order Book

2G Energy has also been strengthening its technological base. On 11 September, the company acquired a 50% stake in LC Systems GmbH of Ahaus, a move aimed at deepening its own value chain.

The broader market backdrop is favourable: decentralised generation is gaining traction across North America as the rapid build-out of AI data centres drives electricity demand higher while transmission line construction stalls in many regions. Off-grid, on-site power supply is becoming a critical workaround.

Financial Targets and Upcoming Catalysts

Management has guided for group revenue of EUR 440 million to EUR 490 million in 2026, with an EBIT margin of 9.5% to 10.5%. For 2027, the company is targeting revenue of EUR 570 million to EUR 620 million and a margin above 11%.

Investors now have two near-term dates to watch. On Tuesday, 2G Energy plans to publish preliminary figures for the first half of 2026. Two days later, the management board will host its first Capital Markets Day in Heek, where further detail on the US project's execution and the company's long-term market positioning is expected.

Shares closed at EUR 63.15 on the day of the order announcement, a daily decline of 3.6%. Ahead of the upcoming disclosures, the stock was trading at EUR 62.75, representing a gain of 79% since the start of the year.