Higher Power PV Modules Drive Up BOS Costs

nVent Electric plc (NYSE: NVT) (“nVent”), a global leader in electrical connection and protection solutions, announced the release of its 2025 Sustainability Report, highlighting measurable progress against its sustainability goals as well as continued recognition of nVent’s leadership in ethics, sustainability and culture.

The report outlines continued progress and the introduction of nVent’s new sustainability goals announced in 2025, reinforcing the pillars—People, Products, and Planet—and aligned with the company’s portfolio transformation.

“As nVent has transformed into a more focused, higher-growth electrical company, we have continued to embed sustainability in our operations,” said Beth Wozniak, Chair and Chief Executive Officer of nVent. “In 2025, we introduced new sustainability goals aligned with our portfolio transformation. I’m very proud of our results and continued progress, reinforcing our commitment to driving sustainability in our own operations, in our approach to product innovation, and in how we support our customers in achieving their goals.”

nVent introduced new Sustainability goals in 2025 and is making progress towards achieving these goals as follows:

• Safety: Reduce recordable injuries 5% in 2026. In 2025, nVent achieved a total recordable incident rate of 0.88, significantly below industry averages.
• Employee engagement: Achieve a top-quartile employee engagement score by 2030. nVent’s 2025 Employee Engagement Survey score was 76, three points higher than the global benchmark, reflecting continued focus on inclusion and development.
• Product transparency (LCA/environmental impacts): Provide life cycle assessments (LCA) and environmental impacts for more than 80% of products by 2030. In 2025, nVent completed LCAs on 10% of the product portfolio in its foundational year.
• Sustainable packaging: Eliminate 100% of single-use plastics and foams from outgoing product packaging by 2035. Achieved 100% of new products launched in 2025 without single-use plastic packaging.
• Climate: Reduce Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 50% by 2030. In 2025, nVent reduced Scope 1 and 2 GHG emissions by 10% from the 2024 baseline year.
• Water stewardship: Decrease water use in high water risk areas 10% by 2030. In 2025, nVent decreased total water consumption by 8% compared to 2024, through water conservation and reuse efforts.

nVent has continued to demonstrate strong governance and ethical standards, earning recognition in 2025 for its leadership in ethics, sustainability and culture.

• Recognized as one of the World’s Most Ethical Companies® by Ethisphere for the third consecutive year.

• Received a gold sustainability rating from EcoVadis, placing us in the top 2% of companies in our industry and in the 95th percentile of all businesses assessed.
• Recognized as a Great Place To Work® certification for the fourth consecutive year.

A full copy of the 2025 Sustainability Report can be downloaded here.

nVent | www.nvent.com

Shoals Technologies Group, Inc. (the “Company”) (Nasdaq: SHLS) announced that the Company will release its first quarter 2026 results before market open on Tuesday, May 5, 2026, to be followed by a conference call at 8:00 a.m. (Eastern Time) on the same day.

Interested investors and other parties can access the live webcast through the Investor Relations section of the Company's website at https://investors.shoals.com. An archived replay of the webcast will be available shortly after the event concludes.

Shoals Technologies Group | https://www.shoals.com

The Environmental Justice Coalition (EJC), comprised of GRID Alternatives and Vote Solar and represented by GreenLatinos, has successfully advocated for major improvements to Xcel Energy's 2026-2027 Renewable Energy Plan, resulting in increased incentives and improved accessibility for income-qualified customers. 

On April 7, 2026 the Public Utilities Commission (PUC) of Colorado issued its written decision solidifying the January recommendation from the Administrative Law Judge who recommended that the PUC approve the settlement reached between the EJC, Xcel Colorado, and other stakeholders last November. 

A Renewable Energy Plan outlines how utilities will expand renewable energy capacity to meet the state's goal of 100% renewable energy by 2040. The plan includes incentive programs to encourage residential solar, community solar, battery storage, workforce development, and community engagement. Xcel Colorado submitted its plan to the PUC for approval to ensure transparency, regulatory oversight, and opportunities for stakeholder input.

“We’re pleased with the outcome of this proceeding, said Jamie Valdez, Colorado Transportation and Energy Advocate with GreenLatinos “The EJC worked hard to ensure GreenLatinos members and low-income households across Colorado will be able to enjoy the benefits of a just energy transition with reliable, affordable electricity,regardless of their socioeconomic status, and this decision by the PUC advances those goals.” 

“Through the settlement, the EJC secured a $1.5 million shift in program funding to strengthen equity participation,” said Jessica Herrera, counsel for the EJC. “This reallocation of funds advances the equity and access priorities established under Senate Bill 21-272 by increasing incentives levels and expanding access to solar and battery storage programs for income-qualified and disproportionately impacted communities.”

The EJC's intervention in the proceedings has led to several key provisions aimed at promoting equitable access to renewable energy:

- Increased Solar*Rewards Residential Incentive: The incentive for income-qualified/disproportionately impacted community customers has been raised to $3 per watt, up from the initially proposed $2 per watt.

- Enhanced Renewable Battery Connect Incentive: The incentive for income-qualified customers has been increased to $1,000 per kilowatt, up from $800 per kilowatt.

- Community Solar Capacity Roll-Over: More than 200 MW of capacity from the previous plan will be rolled over into the new Inclusive Community Solar program, and frontloaded to enhance developers' ability to secure the Investment Tax Credit.

- Spanish Language Accessibility: Key program webpages, the Solar*Rewards Income Qualification Verification Form, and associated marketing and educational materials will be provided in Spanish to better serve the one in ten Colorado households that speak Spanish.

- Outreach and Engagement Effectiveness Data Collection: Xcel Energy will collect data to assess the effectiveness of its outreach and engagement efforts in enrolling income-qualified and disproportionately impacted community members into its programs.

"Stakeholders involved in shaping the Renewable Energy Plan brought forward bold, community-centered ideas to ensure the benefits of clean and affordable energy, like solar, reach everyone,” says Claudine Custodio, Regulatory Director for Vote Solar. “We are proud to have reached a compromise that advances programs designed to lower energy bills and deliver meaningful, long-term savings for families struggling with rising utility costs."

These provisions are designed to ensure that the benefits of renewable energy are accessible to all customers, particularly those in low-income and disproportionately impacted communities. The EJC's advocacy underscores the importance of equitable participation in the clean energy transition.

“We’re grateful that all parties remain committed to distributing the benefits of renewable energy, particularly to income-qualified households and customers who have been struggling to realize those benefits,” says Daniel Pontón Aronoff, Interior West Policy Manager for GRID Alternatives, “The EJC worked hard to come to a Settlement Agreement that upholds that commitment, and we’re pleased that the Commission has recognized that effort.” 

Environmental Justice Coalition | https://www.environmentaljusticecoalition.org/

Leading nationwide independent power producer REC Solar, Kingspan Insulation North America, and commercial solar developer and EPC Dynamic Energy announce the completion of an 881 kW rooftop array at Kingspan’s manufacturing facility in Mendota, Illinois. As the company’s third installation in North America, the Mendota project represents another milestone in the global Kingspan Group’s Planet Passionate sustainability program. As part of this program, Kingspan Group has committed to adding solar PV systems on all its wholly-owned sites while achieving 60% direct renewable use by 2030.

The project uses 50,000 square feet of Kingspan’s owned industrial rooftop space and is projected to generate approximately 1 million kilowatt-hours of renewable energy a year, offsetting roughly 870 metric tons of carbon dioxide (CO2) emissions each year.

“Bringing solar power online at our manufacturing site is a milestone of which we’re incredibly proud,” said Kyle McEnroe, President of Kingspan Insulation North America. “This project is a tangible example of our Planet Passionate commitment in action as we continue to reduce operational carbon, increase our use of renewable energy, and invest in long-term solutions that strengthen both our environmental performance and our business. It’s another step forward in how we embed sustainability into the way we manufacture, operate, and grow in North America.”

REC Solar will own and operate the solar array under a 25-year power purchase agreement. In addition to the Mendota project, REC Solar owns and operates a 1.05 MW canopy and rooftop solar array at Kingspan’s facility in DeLand, Florida, which was completed in 2023.

“As companies increasingly seek strategies to lower emissions and strengthen supply chain sustainability, this project shows how clean, reliable, and affordable solar energy -- delivered through a long-term power purchase agreement -- can help achieve those goals,” said Robb Jetty, CEO of REC Solar. “By owning and operating these systems, REC Solar is proud to support Kingspan’s leadership in renewable energy and their continued progress in sustainability.”

Dynamic Energy developed and served as the engineering, procurement and construction (EPC) firm for the project. Kingspan also has a 1.36 MW rooftop solar array at its Winchester, Virginia facility which was developed and built by Dynamic Energy and completed in 2024.

"As a trusted solar partner for Kingspan, Dynamic is proud to work together with REC Solar to deliver another rooftop solar project that supports their net-zero and renewable energy goals,” said Oliver Davis, President and COO of Dynamic Energy. “With U.S. industrial electricity rates continuing to rise, this project demonstrates how sustainability and sound business planning go hand in hand. We applaud their forward-thinking approach to reducing emissions while gaining control over rising energy costs.”

REC Solar | www.recsolar.com 

About Kingspan Insulation |  www.kingspaninsulation.us

Dynamic Energy | https://dynamicenergy.com/

Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a global leader in sustainable, grid-scale energy storage and AI compute infrastructure solutions, announced its formal entry into the Japanese market through a binding agreement to acquire a pipeline of BESS projects from a leading domestic energy storage developer. The transaction includes the integration of an established team of local energy experts and the acquisition of a high-quality, 850 MW Battery Energy Storage System (BESS) development portfolio, positioning Energy Vault to capitalize on one of the fastest growing and structurally-advantaged energy storage markets among developed economies.

The acquired portfolio consists of 350 MW of advanced-stage BESS projects targeted to commence construction in H2 2027 and reach commercial operations beginning in H2 2028. The portfolio also includes 500 MW of early-stage BESS projects, providing a robust, multi-year growth pipeline that positions Energy Vault for long-term leadership in the Japanese energy storage market.

This acquisition establishes Energy Vault’s immediate presence in Japan, directly capitalizing on a uniquely attractive market driven by increasing grid constraints, rapid renewable penetration, and a projected 50%+ CAGR in BESS capacity. A critical component of this entry strategy is the onboarding of the local development team into Energy Vault, securing invaluable on-the-ground expertise in Japanese land rights, complex permitting, and utility interconnections. By combining this local development savvy and execution capability with our global integration, supply chain and asset ownership expertise, Energy Vault is uniquely positioned to support Japan's 2050 carbon-neutral goals while delivering diversified returns across the country's highly attractive wholesale arbitrage, capacity, and balancing markets.

“Entering the Japanese market is a key component of our high growth markets expansion strategy and represents one of the most compelling energy storage growth opportunities globally,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. “This acquisition provides us with a foundational leadership position in Japan with advanced stage, attractive storage IPP projects coupled with critical local execution capabilities necessary to deliver at the highest performance levels within the Japanese BESS market. By combining our proprietary VaultOS™ energy management software and global supply chain with a proven local team, we are uniquely positioned to accelerate the deployment of the flexible capacity that the Japanese grid urgently requires. Furthermore, we expect to leverage our new solutions in the high-growth AI Compute segments to further compound growth opportunities within the market to enhance delivery of predictable, high-margin, long-term revenue streams ahead of our previously stated growth targets.”

The Japanese energy market is undergoing a fundamental structural shift toward “revenue stacking,” where BESS assets are increasingly required to generate diversified yields from wholesale arbitrage, capacity markets, and critical balancing services to ensure system stability. To meet these specific market dynamics, which demand exceptionally high energy density and stringent safety profiles, Energy Vault intends to leverage its technology-agnostic approach. This includes deploying its B-VAULT™ AC Technology Platform and integrating alternative chemistries, building upon the Company's recently announced partnership with Peak Energy to commercialize next-generation sodium-ion battery technology.

“Despite being a highly developed economy, Japan’s energy storage market remains significantly underpenetrated and is now entering a period of accelerated growth driven by renewable expansion and structural grid constraints. Importantly, storage demand in Japan is not tied to load growth, but to the increasing need for flexibility, resilience, and system stability—creating a powerful, long-duration growth tailwind for our broad portfolio of solutions,” added Piconi.

Energy Vault’s platform creates a fully integrated value chain spanning the complete infrastructure lifecycle, from initial development through long-term operations, enabling the Company to generate stable, recurring cash flows from owned assets. By self-performing critical functions including engineering, procurement, construction, and ongoing service agreements, Energy Vault produces diversified revenue streams while maintaining strategic flexibility to deploy capital where it delivers optimal returns.

Energy Vault’s active global portfolio of owned assets now encompasses over 1 GW of critical energy and AI digital compute infrastructure in operation or under construction, including newly announced expansions in “powered land” and “powered shell” modular data centers in the US market. These assets announced to date are expected to yield over $180M+ in annual, recurring EBITDA streams once fully constructed and operational in the next 12-36 months, well ahead of our previously stated guidance.

Energy Vault | www.energyvault.com 

Terawatt Infrastructure, the nation's leading full-stack charging infrastructure platform for autonomous and electric fleets, announced three new executive appointments: Sujoy Haldar as Chief Financial Officer, Titiaan Palazzi as Chief Product & Strategy Officer, and Nadeem Sheikh as Chief Business Officer. With these additions, Terawatt will accelerate its business development, product innovation, and financing as the company continues its rapid network expansion.

Terawatt is the only player in the market that owns and operates every layer of the autonomous vehicle (AV) and electric vehicle (EV) fleet infrastructure stack, delivering the critical infrastructure and operations required for these fleets to scale. This industry-leading capability is a direct result of Terawatt's cross-disciplinary leadership team — composed of experts spanning energy, mobility, software, and real estate. Together, they have constructed the nation's largest portfolio of purpose-built charging sites – delivering 68 million miles of clean EV range and abating 27 million kg of CO2 emissions to date — enabling fleets to deploy, scale, and operate with confidence.

"Every facet of commercial transportation is moving toward autonomy and electrification, which requires a strong infrastructure foundation," said Neha Palmer, Co-Founder and CEO of Terawatt. "Nadeem, Titiaan, and Sujoy together bring a deep understanding of the energy and transportation sectors that will help Terawatt empower our customers who are reimagining the future of mobility."

Sujoy Haldar joined Terawatt in mid-2025 as Chief Financial Officer with deep experience at Uber, where he spent four years in multiple finance leadership roles and played an integral role in Uber's IPO. Most recently, Haldar served as CFO of Covariant, where he closed a landmark licensing deal with Amazon. He also served as EVP of Finance at Palmetto Solar, where he helped secure large equity and debt investments and built the financial infrastructure to support rapid physical expansion. Haldar will focus on developing scalable sources of equity and debt financing to fund Terawatt's buildout of a still largely untapped infrastructure category.

Titiaan Palazzi joins as Chief Product & Strategy Officer. He was most recently at Snowflake, where he oversaw all go-to-market and revenue for the energy sector following Snowflake's acquisition of the AI startup he co-founded, Myst AI. Palazzi will draw on his energy industry expertise as well as his proven ability to build, scale, and commercialize products from the ground up, launching innovative offerings that drive value for Terawatt's growing customer base and cement the company's position as the market leader in AV and EV charging infrastructure.

Nadeem Sheikh joins as Chief Business Officer with more than two decades of experience at the intersection of mobility, energy, and emerging technology. As VP of Autonomous Vehicle Programs at Lyft, he architected the industry's first commercial AV partnerships — with Waymo, Motional, Ford, and Fiat Chrysler — and co-led the $550 million sale of Lyft's AV division to Toyota. Sheikh has also held senior operator roles at Toyota's Woven division and Opower, where he scaled a utility SaaS platform through IPO and acquisition by Oracle. In his new role, Sheikh will lead business development, partnerships, and marketing.

Terawatt is underway with the fastest and largest expansion in its history. Projects currently in active development will double Terawatt's national footprint this year alone, adding the equivalent of a hyperscale data center's worth of power for customers. Terawatt is also investing in an increasingly sophisticated product layer, including data operations and energy management tools that give fleet operators greater insight and control over how their demand interacts with the grid, and helps them control costs. Terawatt's expansion effort and new investments will together realize the company's vision of delivering commercial-scale power and charging infrastructure wherever fleets need it — laying the foundation for cleaner air, safer streets, and fully electrified miles.

Terawatt | https://www.terawattinfrastructure.com/

Ava Community Energy (Ava) announced the launch of SmartHome Battery, an $11 million program to support residential customers installing solar and battery storage systems in their homes. The goal of SmartHome Battery is to make it more affordable for customers to own a home solar and battery system, reduce their electricity bill, and build a stronger local grid. The program connects residents' home batteries to Ava's virtual power plant (VPP), one of California's largest VPPs, enabling a more resilient electricity grid for all.

How residents can take advantage of Ava's SmartHome Battery program 

SmartHome Battery provides two types of incentive offers. The installation rebate helps lower the initial cost of owning a new home solar and battery system or adding a battery to an existing solar system. The ongoing participation payments encourage participants to share a percentage of their battery with Ava's VPP to use during grid events. The amount of money that can be earned for each is based on how much of the battery that is chosen by the customer: 40%, 60% or 80%. Residential customers can apply for the SmartHome Battery program here.

• Installation Rebate
  • Market-rate customers: $90/kWh for the portion of the battery that participants choose to share.
  • Income-Qualified customers: $500/kWh for the portion of the battery that participants choose to share.
• Participation Payments Details
  • Customers earn $3 per month for every kilowatt-hour (kWh) based on the portion of the battery that participants choose to share

"This program was designed to help offset legislative changes to the residential solar industry," said Howard Chang, Ava Community Energy CEO. "The introduction of the Solar Billing Plan (SBP) in 2023 and the end of federal tax incentives (ITC) at the end of 2025 left customers with fewer benefits and more costs. As electricity demand is on the rise, our role is to help our customers navigate these headwinds through incentive programs that make electrification more affordable and maintain grid stability."

All Ava Community Energy customers who are installing a program-approved home battery or already have a program-approved home battery are eligible for SmartHome Battery. Customers must own their batteries and not be enrolled in conflicting programs. The program enrollment is on a first-come, first-served basis and will remain open until the program budget is fully committed.

Ava Community Energy | https://avaenergy.org/