Sectors / Energy Transformation

You can't have AI
without power.

Every data center built for AI needs electricity that doesn't exist yet. R2A tracks 33 names across nuclear, grid equipment, storage, transmission, and the materials feeding it all. The unsexy infrastructure that has to scale before anything else does.

33
Names covered
11
Buy calls
20
Hold
1
Private comps
Illustration: the grid bending up

The Thesis

Power demand grew about 1% a year in the US for a decade. It's now forecast to grow 3–4% per year for a decade. The difference is data centers — but it's not just data centers. Electrification of transport and heating compounds the same direction. The grid was sized for a different demand curve, and the new curve doesn't fit. That creates structural demand for everything that makes the grid bigger.

R2A's variant view: the biggest beneficiaries aren't the renewable pure-plays — they're the unfashionable compounders that own bottleneck assets. Constellation runs the existing nuclear fleet. GE Vernova builds the grid equipment. Quanta lays the transmission. Eaton, Vertiv, and Powell make the gear that gets power from substation to server. Nuclear gets the headlines and Oklo / SMR / X-Energy are real options, but the near-term cash flows are at the established players. Storage (Eos, Fluence) is a real but volatile sub-theme.

The Names

All Buy Hold Nuclear Grid Storage
CEG
Buy Conviction High
Constellation Energy · Nuclear Fleet
Operates the largest US nuclear fleet. Already signing PPAs with hyperscalers at premium prices. The cash flow story is real and immediate; the optionality is decade-long.
Scenario range
$220$380$490$600
BearBaseBullMoon
Last price$323.74
R2A fair value$380
GEV
Buy Conviction High
GE Vernova · Grid Equipment / Gas Turbines
Sells the gas turbines and grid gear that has to ship for any of this to work. Backlog visibility extends years; pricing power is structural.
Scenario range
$720$1,300$1,650$2,000
BearBaseBullMoon
Last price$1,104.20
R2A fair value$1,300
OKLO
Buy Conviction High
Oklo · Advanced Fission / SMR
Pre-revenue, capital intensive, binary on regulatory milestones. But the Meta 1.2 GW prepayment deal is real and the NRC pathway is clearer than competitors. Sized as optionality.
Scenario range
$25$118$180$280
BearBaseBullMoon
Last price$66.72
R2A fair value$118
MP
Buy Conviction High
MP Materials · Rare Earth Mining
The only US rare-earth integrated producer. Strategic asset for defense and EVs both. Pentagon-backed economics are real and growing.
Scenario range
$35$99$140$180
BearBaseBullMoon
Last price$68.21
R2A fair value$99.05
EOSE
Buy Conviction High
Eos Energy · Grid-Scale Storage
Zinc-based long-duration storage that's not lithium. DOE loan guarantee derisks the manufacturing scale-up. High-amplitude bet — backlog needs to convert to revenue.
Scenario range
$2$17.55$32$55
BearBaseBullMoon
Last price$6.23
R2A fair value$17.55
TLN
Hold Conviction Medium
Talen Energy · Nuclear / AI Power
Susquehanna nuclear plant + Amazon AWS PPA was the original "AI loves nuclear" trade. Price already reflects most of the optionality; waiting for the next leg.
Scenario range
$180$360$520$700
BearBaseBullMoon
Last price$372.16
R2A fair value$360

Full Coverage

Every name R2A tracks in Energy Transformation. Click any column header to sort.

Ticker Company Call Conviction Last R2A FV Moon
CECO
CECO Environmental
Industrial Infrastructure
Buy●●● High$86.53$103.30
CEG
Constellation Energy
Nuclear Fleet
Buy●●● High$323.74$380.00
EOSE
Eos Energy
Grid-Scale Storage
Buy●●● High$6.23$17.55
GEV
GE Vernova
Grid Equipment / Wind
Buy●●● High$1,104.20$1,300.00
MP
MP Materials
Rare Earth Mining
Buy●●● High$68.21$99.05$180
OKLO
Oklo
Advanced Fission / SMR
Buy●●● High$66.72$118.00
BWXT
BWX Technologies
Nuclear Technology
Buy●● Medium$210.52$280.00
FLNC
Fluence Energy
Grid-Scale Storage
Buy●● Medium$12.46$19.19
FSLR
First Solar
Utility-Scale Solar (CdTe)
Buy●● Medium$211.71$230.00
VST
Vistra Energy
Nuclear + Natural Gas
Buy●● Medium$161.84$200.00
XE
X-Energy
SMR / Advanced Nuclear
Buy●● Medium$27.95$39.60
PWR
Quanta Services
Grid Infrastructure
Hold●●● High$742.01$655.00
ALB
Albemarle
Lithium
Hold●● Medium$193.84$180.00
CCJ
Cameco
Uranium Mining
Hold●● Medium$120.58$130.00
COP
ConocoPhillips
E&P / Oil & Gas
Hold●● Medium$123.19$128.00
ETN
Eaton
Power Management
Hold●● Medium$425.43$415.00
FCX
Freeport-McMoRan
Copper Mining
Hold●● Medium$56.56$65.00
LEU
Centrus Energy
Uranium Enrichment
Hold●● Medium$206.58$240.00
NEE
NextEra Energy
Utility / Renewables
Hold●● Medium$96.99$105.00
SMR
NuScale Power
Small Modular Reactors
Hold●● Medium$12.13$33.00
TLN
Talen Energy
Nuclear Generation / AI Power
Hold●● Medium$372.16$360.00$700
BE
Bloom Energy
Solid Oxide Fuel Cells
Hold●● Low$290.36$190.00
BLDP
Ballard Power
Fuel Cell Mobility
Hold●● Low$3.39$3.00
CHPT
ChargePoint
EV Charging
Hold●● Low$6.40$8.00
DQ
Daqo New Energy
Polysilicon
Hold●● Low$19.15$22.00
ENPH
Enphase Energy
Microinverters / DER
Hold●● Low$33.85$38.00
NXE
NexGen Energy
Uranium Development
Hold●● Low$12.39$15.00
PLUG
Plug Power
Green Hydrogen
Hold●● Low$3.11$4.00
RUN
Sunrun
Residential Solar + Storage
Hold●● Low$13.06$13.00
SEDG
SolarEdge
Solar Inverters
Hold●● Low$42.91$48.00
STEM
Stem
AI Energy Optimization
Hold●● Low$10.77$16.00
Blue Energy
Blue Energy
SMR / Factory-built Nuclear
Watch●●● High
NRG
NRG Energy
Merchant Power / Gas
Watch