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A specialized version of NextEra Energy, developing, building, and operating large-scale solar power plants and battery storage facilities.

Like Brookfield Renewable Partners, but concentrated on North American solar and battery storage infrastructure development and ownership.

An infrastructure company focused on the backbone of the new energy economy, building and owning large solar farms and battery storage, similar to how utilities like Duke Energy build and own traditional power assets, but exclusively green.

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• Renewable Energy Infrastructure Development: This service encompasses the planning, design, and construction of large-scale solar power plants and related energy infrastructure projects.
• Electricity Generation and Sales: The company generates clean electricity from its portfolio of solar assets and sells it to grids, utilities, and other corporate clients.
• Asset Management and Operations & Maintenance (O&M): Solaris Energy Infrastructure provides comprehensive services for the ongoing management, operation, and maintenance of its solar power facilities to ensure efficiency and reliability.
• Energy Storage Solutions: Integration and deployment of battery energy storage systems, often co-located with solar projects, to enhance grid stability and optimize energy delivery.

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There appears to be a slight discrepancy in the company name provided. The symbol SEI corresponds to Sunnova Energy International Inc., which is a public company primarily serving residential customers. Solaris Energy Infrastructure with the symbol SEI does not appear to be a recognized public company. The following information is provided for Sunnova Energy International Inc. (SEI).

Sunnova Energy International Inc. primarily sells its solar energy and energy storage solutions directly to individuals, specifically homeowners. The company serves the following categories of individual customers:

• Homeowners seeking cost savings on electricity bills: These customers are primarily motivated by the financial benefits of reducing or eliminating their monthly utility payments through solar energy generation.
• Environmentally-conscious homeowners: This category includes individuals who prioritize sustainability, wish to reduce their carbon footprint, and support the adoption of clean, renewable energy sources.
• Homeowners desiring energy resilience and independence: These customers often opt for solar-plus-storage solutions to ensure reliable backup power during grid outages and to lessen their dependence on the traditional utility grid.

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Bill Zartler, Founder, Chairman and Co-Chief Executive Officer

Bill Zartler is the Founder, Chairman, and Co-Chief Executive Officer of Solaris Oilfield Infrastructure, Inc. ("Solaris"). He also serves as the Executive Chairman of Aris Water Solutions. Prior to founding Solaris in 2014, Mr. Zartler was a Founder and Managing Partner of Denham Capital Management, a global energy and commodities private equity firm. He led Denham's global investing activity in the midstream and oilfield services sectors.

Amanda Brock, Co-Chief Executive Officer and Director

Amanda Brock previously served as the Chief Executive Officer and President of Aris Water Solutions, a water infrastructure and recycling company primarily focused on the Permian Basin. Aris Water Solutions went public in October 2021 and was later acquired by Western Midstream in October 2025. Ms. Brock joined Aris' predecessor, Solaris Water Midstream, in 2017. Her background also includes managing global projects for Enron in power and water and serving as the CEO of Water Standard.

Kyle Ramachandran, President and Chief Financial Officer

Kyle Ramachandran joined Solaris in 2014. Before joining Solaris, he led business development for Barra Energia, an exploration company based in Rio de Janeiro, Brazil. Prior to Barra Energia, Mr. Ramachandran was an investor at First Reserve Corporation, which is a global energy-focused private equity firm. He began his career as an investment banker in Citigroup's Mergers & Acquisitions Group.

Cindy Durrett, Chief Administrative Officer and Director

Cindy Durrett oversees Solaris Energy Infrastructure's information technology, human resources, risk management, and administrative functions. She was one of the founding leaders of Solaris in 2014. Prior to Solaris, Ms. Durrett was the Director of Business Planning and Capital Projects for Cadre Proppants. She also served as Managing Director of Dynegy Midstream Services, where she provided leadership across various sectors including IT, regulated energy delivery, natural gas liquids, and midstream.

Ross Bartley, EVP, Power Solutions Division

Ross Bartley serves as the EVP of Solaris Energy Infrastructure's Power Solutions Division. Prior to this role, he was the CFO of Mobile Energy Rentals ("MER") before its acquisition by SEI. Mr. Bartley also worked as the CFO of Life Cycle Power and, before that, as a financial consultant with Racca Solutions Group, where he was the Head of Private Equity Engagements and managed Derby Capital, a private credit fund.

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The key risks for Solaris Energy Infrastructure (symbol: SEI) are primarily centered around its legal and regulatory challenges, operational dependencies, and financial valuation concerns.

1. Legal and Regulatory Risks, including Class Action Lawsuits: Solaris Energy Infrastructure is currently facing multiple class-action securities lawsuits. These lawsuits allege material misrepresentations regarding the company's acquisition of Mobile Energy Rentals LLC (MER), including claims of false descriptions of MER's operations, its dependence on a single customer, concealed details about MER's co-owner with a history of environmental crimes, and inflated profitability metrics. This has led to significant stock plunges and raises critical questions about transparency, corporate governance, and investor confidence. Such legal challenges can result in substantial litigation costs, potential settlements or penalties, and severe reputational damage.
2. Equipment Supply Constraints and Lack of a Business Moat: Solaris Energy Infrastructure operates as a service-oriented business, and a key risk is its lack of a strong competitive advantage or "moat" in the market. The company's ability to expand its fleet and meet growing demand is heavily reliant on its equipment suppliers. Reports indicate challenges in placing orders for new equipment and lead times extending up to two years. This dependency and the potential for supply chain disruptions directly impact SEI's capacity for growth and its ability to fulfill contracts effectively.
3. High Valuation, Potential Dilution, and Quality of Earnings Concerns: SEI's stock is currently trading at a high valuation, with analysts noting rich P/E ratios and EV/EBITDA multiples, based on aggressive growth assumptions. This high valuation leaves little room for operational setbacks or unmet growth expectations. Furthermore, the company faces risks related to potential dilution from convertible debt issuance and has recently issued new shares, which has negatively impacted earnings per share for existing shareholders. Concerns have also been raised regarding the quality of the company's earnings, with reports of negative free cash flow despite reported profits, indicated by a high accrual ratio. This suggests that reported profits may not fully reflect the company's underlying cash generation, posing a risk to long-term investor value.

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The rapid and continuous decline in the cost of distributed renewable energy generation (especially solar photovoltaics) combined with advancements and cost reductions in battery storage technology. This trend empowers consumers and communities to generate and store their own electricity locally, reducing reliance on centralized grid infrastructure and large-scale power plants, which are core assets for traditional energy infrastructure companies like Solaris Energy Infrastructure (SEI). This represents a fundamental shift towards a more distributed, decentralized energy system, potentially leading to underutilization or stranding of SEI's assets and diminishing the economic rationale for new large-scale projects.

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Solaris Energy Infrastructure (symbol: SEI) operates primarily in two main segments: Solaris Power Solutions and Solaris Logistics Solutions, serving the U.S. market. The addressable markets for these services are substantial:

Solaris Power Solutions

This segment provides natural gas-powered mobile turbines and ancillary equipment for distributed power generation, primarily targeting data centers, energy, and other commercial and industrial sectors in the U.S..

• The U.S. Distributed Energy Generation Market is projected to reach approximately USD 72.02 billion by 2027, growing at a Compound Annual Growth Rate (CAGR) of 10.9% from 2020. Another estimate places this market at USD 67.95 billion by 2030, growing at a CAGR of 9.37% from USD 33.19 billion in 2022.
• The U.S. Data Center Power Market, a key focus for Solaris Power Solutions, was valued at USD 8.86 billion in 2023 and is expected to reach USD 17.14 billion by 2029, with a CAGR of 11.63%. Other analyses indicate the market will be valued at USD 15.22 billion in 2025 and is expected to reach USD 20.95 billion in 2030, with a CAGR of 6.6%. The U.S. Data Center Power Market is also projected to grow significantly at a CAGR of 13.3% from 2025 to 2030.
• The U.S. Mobile Gas Turbine Gensets Market was valued at USD 1.34 billion in 2021 and is projected to grow to USD 2.80 billion by 2030, with a CAGR of 9.13% from 2023 to 2030.

Solaris Logistics Solutions

This segment offers specialized equipment and services for raw material management in oil and natural gas wells, including proppant management systems, primarily within the U.S..

• The U.S. Oilfield Services Market was valued at USD 34.08 billion in 2023 and is expected to reach USD 41.37 billion in 2029, growing at a CAGR of 3.13%. Another report projects the U.S. oilfield services market to grow from USD 79.1 billion in 2024 to USD 164.1 billion by 2035, at a CAGR of 6.86% from 2025 to 2035. The U.S. is a dominant player in the North American oilfield services market, holding an 83.2% share in 2023.
• The United States Proppant Market, a key component of oil and gas well services, was valued at USD 3.65 billion in 2022 and is projected to reach USD 6.11 billion by 2028, with a CAGR of 8.04%. More recent data indicates the global proppants market was valued at USD 9.12 billion in 2023 and is projected to grow at a CAGR of 8.2% from 2024 to 2030, with the U.S. dominating the North American market, accounting for a 93.3% share. The proppants market is projected to reach a valuation of USD 20.10 billion by 2032, with a CAGR of 8.89% from 2024.

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Expected Drivers of Future Revenue Growth for Solaris Energy Infrastructure (SEI)

Solaris Energy Infrastructure (SEI) is anticipated to experience significant revenue growth over the next two to three years, driven by several key factors:

1. Expansion of Power Generation Capacity: SEI is actively increasing its power generation capacity, with plans to reach approximately 2.2 gigawatts by early 2028, a substantial increase from its prior order book of 1.7 gigawatts. The company operated approximately 760 megawatts during the third quarter of 2025, a significant rise from approximately 150 megawatts a year prior. This expansion is supported by securing additional generation capacity, totaling approximately 500 megawatts.
2. Growing Demand for Reliable and Efficient Power: The escalating demand for power, particularly from data centers, is a primary catalyst for SEI's growth. The company is strategically positioned to capitalize on this trend by providing reliable and efficient power solutions. There is also a broader market need for an "all-of-the-above" generation approach to meet rapidly increasing power demands.
3. Strategic Acquisitions and Enhanced Solutions: SEI has expanded its capabilities and customer base through strategic acquisitions, such as HVMVLV, which has enhanced its overall solutions offering and market reach.
4. Shift Towards Higher-Margin Owned Assets and Longer-Duration Contracts: Analysts predict that SEI's profit margins will expand, reaching an estimated 13.6% by 2028, up from 4.8%. This improvement is expected to result from the company's ability to secure higher-value, longer-duration contracts and a strategic shift towards owning more assets, which generally yield better margins.
5. Strong Execution and Proprietary Operational Know-How: Management emphasizes the company's strong execution and growing proprietary operational know-how as critical differentiators. These capabilities enable SEI to be a reliable power provider with a strong track record of uptime, contributing to its sustained growth in the Power Solutions segment.