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$CEPL getting more interesting. Two bullish developments: 1. In yesterday’s 13D, Monarch disclosed it is actively discussing the upcoming debt refinancing and could participate financially — potentially removing a major near-term overhang. 2. Monarch just put Brandon Schwertner on the board — former Priority Power CEO with deep experience in microgrids, large-load interconnections and power infrastructure. Increased engagement from Monarch is an important signal for $CEPL.

Great job by Vince from $CEPL at the LD Micro Conference today. I highly recommend anyone interested in $CEPL read the transcript at stockanalysis.com/stocks/cep…. Key Points: 1. $CEPL is in active discussions with a Georgia data center. Vince described the bureaucratic challenges pretty succinctly: "I'll give you a quick example. We're working with one in Georgia, and they sign their contract, they've got the end user, they've got the tenant, they've got a date, then all of a sudden the permitting agency says, "Well, I can't give you an exemption on temporary power." "Well, what do you mean?" "Nope. You've got to file your full permit." "But I got these diesel generators, and then I've got to put this on-site generation because the utility can only give me 3 MW." You've got to coordinate all of that. Then you have to do it to make sure you're doing it and delivering it by date certain, otherwise you're paying LDs. Unless you've got a good tenant that understands that some things can't be controlled and you can extend out. It's tough." This reinforces the idea that a $CEPL data center deal is a question of when, not if. 2. $CEPL has to get more involved in DC financing than I had originally thought. Do I think that an industrials company should be leaning this hard into financing? Absolutely not. This is where the Monarch relationship becomes important. Who better to gameplan customer financing options than a specialty credit fund? "Then you layer on the financing side. This is something that we've had to learn, and we ask harder questions now. Because so many folks say, "I've got land, I've got gas, I'm building a data center." "Well, where's your financing? Do you have it lined up?" The financers will say, "Well, who are your end users? Is it an LOI or is it a signed agreement? If it's a signed agreement, what's the timing on it, and what's the ready for service date? Then what are the LDs?" So there's so much that goes into this. That's why part of the reason is they have to move with speed, because you have to line all of these things up." 3. $CEPL can win even without a data center deal. "I can't tell you the number of conversations I've had with investors and customers who have said, "I'm glad you're not just focused on data centers." We believe that the electrification of ports is a problem that needs to be solved, and we have some really cool, unique situations for mobile power, temporary power, and permanent power to help the ports solve their problems there. The other major growth market on this list is what we call the utility microgrid. To me, that's the big sleeper." 4. $CEPL customers understand the competitive advantages of micro turbines vs $BE fuel cells. Fuel cells serve an important baseload purpose (great for constant training runs), but quick micro turbine spinup/spindown is more important for variable inference runs. "When it comes to fuel cells, and I'm a big fan of fuel cells, I have a fuel cell car. But there is big differences in fuel cells, and they have a place to play in the data centers when you're 100% load and you can't change. They're your base load, if you will. Very low emissions, but the power density is pretty tough. That's why Bloom is stacking units at this point. Where our advantage is we have that flexibility, we have the redundancy. We can ramp up and ramp down. We can go from a megawatt down to zero in 90 seconds. That's part of the advantage." Takeaway: $CEPL has suffered with the great AI infra complex and neocloud financing troubles, but now is trading <1x EV/EBITDA. The company is making progress with data center sales and feels close to a signed deal in Georgia. $CEPL technology is competitive for both data centers and other high TAM areas where electrons are needed yesterday. An incremental 50mw order would double FY 2027 revenue, increase margins, and open the door to further data center sales. I have added to $CEPL on the way down and have faith in Vince and the company to close a deal.