Meltdown in the US – Is it as Bad as it Looks?

1st Topic of the Week: Pulling out of the Paris Accords is unsurprising, but the halt on all LPO activity is far more relevant for the US energy transition market, as the loans were designed to help build an ecosystem, and if only a small part of the ecosystem has funding, the whole thing could fail. Plug Power will have far fewer customers for the capacity it will build with its DOE loan.
2nd Topic of the Week: Could fuel projects in the US benefit if regulations ease and the permitting process speeds up, even if the high-paying demand is in Europe? US e-fuel or bio-fuel projects will likely face more significant challenges in finding funding unless attractive take or pay contracts emerge or European investors step in. US fuels should be cheaper than those produced in Europe.
Otherwise – We evaluate the relative fortunes of the EV makers versus Tesla, which is a bit one-sided.

Exhibit 1: Wind power and electrolyzers are the sectors most impacted so far by President Trump’s moves.