**The clean energy windfall is here, but there are variables in this wave**

The three sectors of wind power, fuel cells, and renewable gas are all taking off. In the first half of 2025, renewable energy investment is expected to reach a record high of $386 billion, a year-on-year increase of 10%. The global wind power industry is projected to exceed the second terawatt capacity milestone by 2030, with 70 GW of installed capacity expected in just the fourth quarter of this year.

But there are also many problems: the cost of key components has skyrocketed, tariff pressures are high, and changes in tax incentive policies... led to a 50% year-on-year decline in wind turbine orders in the first half of this year, hitting a new low since 2020.

From a stock perspective, FCEL's financial report improved by 45% quarter-on-quarter (with quarterly losses decreasing from $1.43 to $0.95), and Q3 revenue increased by 97% year-on-year. OPAL's renewable natural gas production increased by 30% quarter-on-quarter in Q3, with sales slightly up by 1%. Bloom Energy performed the strongest, turning from loss to profit in Q3 (with a quarter-on-quarter increase from -1 cent to +15 cents), and revenue increased by 57% year-on-year.

The valuation level is relatively high, with the current price measured by EV/EBITDA at 21.93 times, higher than the S&P 500's 18.31 times. The future focus is still on the expansion of the electric vehicle charging network—Q3 US EV sales hit a new high, up 30% year-on-year.