US / Finland · Power & Cooling

Onsite Power (Fuel Cells & Engines)

When the grid can't deliver in time, campuses build their own: recip engines, fuel cells and aeroderivatives as a bridge — at higher cost per MWh.

Gas→Recip / fuel cell→Microgrid→Campus

Tightness score ⓘ

#21 of 56

▲ Tightening

Supply concentration3

Lead time3

Capex intensity4

Geopolitical exposure2

Pricing power4

Lead time

12–24 mo

Theme 1M

−12.5%

% in uptrend

Metric to watch

Fuel-cell and recip-engine data-centre orders, and onsite-power share of new campus announcements.

What would prove us wrong

Weakens if interconnection speeds up enough that onsite power loses its time-to-power premium.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
BE Bloom Energy	Fuel cells for onsite data-centre power	NYSE US	$201.9	−3.60%	−15.6%	−12.2%	+132.4%	−41.6%	2026-10-22
CMI Cummins	Gensets and engines for backup and prime power	NYSE US	$455.4	−1.70%	−13.4%	−27.6%	−9.9%	−37.2%	2027-02-04
GNRC Generac	Large gensets for data centres	NYSE US	$192.9	−0.58%	−2.6%	−12.1%	+41.4%	−34.7%	2026-10-28
WRT1V.HE Wärtsilä	Recip engine power plants	Nasdaq Helsinki Finland	€26.22	+1.83%	−12.0%	−10.8%	−10.8%	−33.2%	2026-10-27
CAT Caterpillar	Recip gensets and Solar Turbines for onsite power	NYSE US	$605.3	+0.61%	−19.0%	−29.2%	+6.6%	−42.9%	2027-01-28

Auto-updated