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

−10.5%

% 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	$208.2	+7.72%	−27.9%	+24.8%	+139.6%	−39.8%	2026-10-22
CMI Cummins	Gensets and engines for backup and prime power	NYSE US	$523.8	+1.24%	−0.2%	−18.1%	+3.7%	−27.7%	2026-11-05
GNRC Generac	Large gensets for data centres	NYSE US	$191.6	+2.48%	−8.0%	−2.1%	+40.5%	−35.2%	2026-10-28
WRT1V.HE Wärtsilä	Recip engine power plants	Nasdaq Helsinki Finland	€28.76	+5.62%	−1.2%	−0.6%	−2.1%	−26.7%	2026-10-27
CAT Caterpillar	Recip gensets and Solar Turbines for onsite power	NYSE US	$695.6	+1.25%	−15.3%	−17.3%	+22.2%	−34.6%	2026-10-29

Auto-updated