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Swedish electric boat maker Candela has just secured a major deal in Southeast Asia: ten of its P-12 electric hydrofoil ferries will soon operate the route to Koh Kood, one of Thailand’s most pristine and least developed islands.

The agreement, signed in Bangkok during the SX Sustainability Expo, pairs Candela with Thai operator Seudamgo by Leopard Transportation Co., Ltd. It marks a significant shift for Koh Kood, where access has long relied on noisy, gas-powered speedboats that pump out emissions, churn up damaging wakes, and clash with the quiet, natural character of the island. Local officials and Swedish representatives, including the Governor of Trat and the Swedish Embassy in Bangkok, were on hand to witness the deal.

Candela’s P-12 ferries promise to transform that experience. Unlike traditional hulls that plow through waves, the P-12 rides above the surface on computer-controlled hydrofoils. The result is a ride that’s not only whisper-quiet but also dramatically more efficient – using up to 80% less energy than a conventional speedboat. With no exhaust fumes, no underwater noise, and virtually no wake, the P-12 is designed to leave the island’s marine environment undisturbed.

Each of the ten ferries headed to Thailand will be the Business model, offering seating for 20 passengers in an air-conditioned cabin with plenty of luggage space. At a service speed of 25 knots (around 29 mph or 46 km/h), they’ll cover the 20-nautical-mile mainland-to-island route in just 40 minutes. The vessels are powered by dual Candela C-Pod drives rated at 110 kW continuous (160 kW peak), fed by a 378 kWh battery pack that can fast-charge at up to 300 kW. Real-world range comes in at about 40 nautical miles at cruising speed – more than enough to comfortably cover the daily runs. And with that fast charging, a feature that has helped Candela set maritime records, the ferries can easily top up their batteries while loading and unloading passengers.

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Seudamgo’s CEO Surachai Suwanthanakul called the deal a milestone for Thai tourism. “Candela’s P-12 foil electric technology is a game-changer,” he said. “It’s free from emissions, oil spills, and underwater noise—and at the same time, it offers passengers a superior experience. You can’t really get seasick on board a Candela.”

For passengers, that seasickness-free ride is thanks to Candela’s digital Flight control system, a computer that constantly adjusts the hydrofoils in real time to eliminate slamming and pitching. It’s the same tech that’s made Candela’s smaller leisure boats popular with private owners in Europe and the U.S., now scaled up for public transit.

And as someone who has spent some time at the helm of multiple Candela leisure boats and also suffers from seasickness, this journalist can confirm that the smooth ride really is calming for the stomach.

Candela’s Regional CEO Mr Björn Antonsson (left) shaking hands with Mr Surachai Suwanthanakul, CEO of Leopard Transportation Co., Ltd, flanked by the Governor of Trat, Mr Nattapong Sanguanjitra Deputy and Permanent Secretary Punya Chupanit, Ministry of Transport, Thailand, together with (from left) Tomas Juhlin, VP of Swedish Chamber of Commerce, and Mr Per Linnér, Charge d’Affairs Swedish Embassy, Bangkok.

Candela’s founder and CEO Gustav Hasselskog framed the partnership as a chance for Thailand to leapfrog straight into sustainable water transport. “By replacing noisy, polluting speedboats with our electric flying ships, Seudamgo is protecting one of Thailand’s most beautiful destinations,” he said.

Thailand is already a major market for Candela. The company operates its largest office outside Sweden in Bangkok and sees huge potential in a country with more than 1,500 islands and extensive waterborne transport. Regional CEO Björn Antonsson emphasized that point: “With its thousands of islands, big rivers and vibrant tourism industry, Thailand can truly benefit from our technology. Partnering with Seudamgo to introduce the P-12 fleet is a fantastic beginning—we see enormous potential to expand clean, efficient hydrofoil transport across Thailand and the wider region.”

For Koh Kood, the arrival of Candela’s P-12 ferries could mean a future where visitors still enjoy easy access, but without the pollution and disruption that have plagued other tourist islands. And for the wider region, it’s a sign that electric flying ferries may finally be moving from niche novelty to mainstream solution.

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Texas data center expansion raises blackout risk during extreme winter weather

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Texas data center expansion raises blackout risk during extreme winter weather

A worker repairs a power line in Austin, Texas, U.S., on Wednesday, Feb. 18, 2021.

Thomas Ryan Allison | Bloomberg | Getty Images

The rapid expansion of data centers in Texas is driving electricity demand higher during the winter, compounding the risk of supply shortfalls that could lead to blackouts during freezing temperatures.

The Lone Star state is attracting a huge amount of data center requests, driven by its abundant renewable energy and natural gas resources as well as its business friendly environment. OpenAI, for example, is developing its flagship Stargate campus in Abilene, about 150 miles west of Dallas-Forth Worth. The campus could require up to 1.2 gigawatts of power, the equivalent of a large nuclear plant.

The North American Electric Relibaility Corporation warned this week that data centers’ round-the-clock energy consumption will make it more difficult to sustain sufficient electricity supply under extreme demand conditions during freezing temperatures like catastropic Winter Storm Uri in 2021.

“Strong load growth from new data centers and other large industrial end users is driving higher winter electricity demand forecasts and contributing to continued risk of supply shortfalls,” NERC said of Texas in an analysis published Tuesday. Texas faces elevated risk during extreme winter weather, but the state’s grid is reliable during normal peak demand, NERC said.

During Uri, demand spiked for home heating in response to the freezing temperatures at the same time power plants failed in large numbers due to the same weather. Texas grid operator ERCOT ordered 20 gigawatts of rolling blackouts to prevent the system from collapsing, according to a Federal Energy Regulatory Commission report. The majority of the power plants went offline ran on natural gas.

It was the “largest manually controlled load shedding event in U.S. history” resulting 4.5 million people losing power for several days. At least 210 people died during the storm. Most of the fatalities were connected to the outages and included cases of hypothermia, carbon monoxide poisoning, and medical conditions exacerbated by freezing termperatures, according to FERC.

Data center requests surge

If all of those projects were actually built, they would be equivalent to the average annual power consumption of nearly 154 million homes in Texas, according to a CNBC analysis based on 2024 household electricity data. But the Lone Star state only has a population of about 30 million people.

Beth Garza, a former head of ERCOT’s watchdog, said she is very skeptical these projects will all get built, describing the scale of the numbers as “crazy big.” More than half the projects have not submitted planning studies, according to ERCOT.

“There’s not enough stuff to serve that much load on the equipment side or the consumption side,” said Garza, who served as director of ERCOT’s Independent Market Monitor from 2014 through 2019. “There’s just so much stuff in the world to make those kinds of numbers work.”

Phantom data centers are showing up in grid connection requests across the U.S. as developers shop the same projects around to mutliple jurisdictions, said John Moura, the director of NERC’s reliability assessments. This makes it difficult for utilities to forecast future demand conditions.

OpenAI CFO Sarah Friar: 'More compute, more revenue' in response to concern on Oracle, Nvidia deals

Reliability at risk

The projects that ERCOT has approved to actually connect to the grid is much smaller at 7.5 gigawatts, but this is still a subsantial amount of new demand. By comparison, the six county region in southeastern Pennsylvania that includes Philadelphia, with a population of 1.7 million people, had a peak demand of about 8.6 gigwatts in 2024, according to the state utility board.

Texas’ supply and demand balance can become tight during winter and potentially fall into deficit. The state has 92.6 gigawatts of available resources and peak demand in an extreme Uri-like scenario could reach about 85.3 gigawatts, according to NERC.

But avalaible power could fall to around 69.7 gigawatts in extreme winter weather, leaving a supply deficit of more than 15 gigawatts. This is due to typical power plant maintainence and forced plant outages as well as reductions in power capacity due to winter conditions.

“What’s important to understand is the tightness we’re seeing,” Moura said. NERC’s winter assessment only included data center facilities that have reached certain milestones to filter out speculative projects, he said.

“I can’t stress enough how much of a monumental change this is for the electric industry,” Moura said of the data center requests. One solution is for data centers to show flexibility in their electricity consumption to help keep demand and supply in balance during extreme winter scenarios, he said.

In the case of Uri, natural gas plants made up 58% of all the unplanned outages in Texas, according to FERC. Freezing tempartures reduced gas production, led to challenges delivering fuel and problems transmitting electricity as power lines fell.

Texas has adopted rules to harden natural gas infrastructure for extreme winters in the wake of the storm.

When gas plants go out in such a large way, solar and battery storage also face challenges, according to NERC. Peak demand in winter is in the early morning hours when sunlight is lower and batteries may not have had enough time recharge, Moura said.

With data centers running around the clock, “maintaining sufficient battery state of charge will become increasingly challenging for extended periods of high loads, such as a severe multi-day storm like Winter Storm Uri,” NERC said in its analysis.

“Power shortfalls and rolling outages really could happen in the next few years in certain regions” of the U.S. as demand from facilities like data centers outstrips supply, said Rob Gramlich, president of power consulting firm Grid Strategies. “Those are unacceptable to everybody in the United States.”

Garza said she’s confident that the reliable demand from data centers will bring new supply. “Plants love that kind of of opportunity,” she said. “My expectation is that then attracts additional private capital investment to meet those supply needs.”

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Activist Ananym Capital sees upside if Baker Hughes spins off its oilfield services business

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Activist Ananym Capital sees upside if Baker Hughes spins off its oilfield services business

Company: Baker Hughes (BKR)

Business: Baker Hughes is an energy technology company with a portfolio of technologies and services that span the energy and industrial value chain. The company operates in two segments: oilfield services and equipment and industrial and energy technology. The OFSE segment provides products and services for onshore and offshore oilfield operations across the lifecycle of a well, ranging from exploration, appraisal, and development, to production, rejuvenation, and decommissioning. OFSE is organized into four product lines: well construction; completions, intervention and seasurements; production solutions and subsea and surface pressure systems. The IET segment provides technology solutions and services for mechanical-drive, compression and power-generation applications across the energy industry, including oil and gas, liquefied natural gas operations, downstream refining and petrochemical markets, as well as lower carbon solutions to broader energy and industrial sectors.

Stock Market Value: $47.84 billion ($48.48 per share)

Activist: Ananym Capital Management

Ownership: n/a

Average Cost: n/a

Activist Commentary: Ananym Capital Management is a New York-based activist investment firm which launched on Sept. 3, 2024, and is run by Charlie Penner (a former partner at JANA Partners and head of shareholder activism at Engine No. 1) and Alex Silver (a former partner and investment committee member at P2 Capital Partners). Ananym looks for high quality but undervalued companies, regardless of industry. They would prefer to work amicably with their portfolio companies but are willing to resort to a proxy fight as a last resort. According to their most recent 13F filing, they manage $260 million across 10 positions.

What’s happening

On Oct. 21, Ananym Capital announced that they have taken a position in Baker Hughes and are calling on the company to spin out its oilfield services and equipment business, arguing such a step could help push up the stock price by at least 60%.

Behind the scenes

Baker Hughes is a leading provider of energy and industrial technology services. The company was formed through the 2017 merger of legacy Baker Hughes and GE Oil & Gas, combining best-in-class intellectual property shared by GE spinoff assets and the technical expertise from both organizations.

The company operates through two primary segments: industrial and energy technologies and oilfield services and Equipment. The IET unit (55% of projected 2025 revenue and 60% of projected 2025 EBITDA) is a long-cycle industrial and energy business focused on gas technology equipment, including turbines and compressors, and aftermarket services, including new energy applications. The OFSE unit (45%/40%) is a short-cycle oilfield equipment and production services business with an end-to-end portfolio of oilfield services and equipment for well construction and production.

Management has built up a strong track record of effective execution, and that success has been reflected in the share price, with the company delivering strong returns of 28.26%, 75.29% and 232.98% over the past 1-, 3- and 5-year periods, respectively.

Within IET, the company has taken advantage of its leading position in LNG, in which Baker now has 95% global footprint for the turbomachinery required in plant construction, a market that is expected to grow at a 10% compound annual growth rate through 2030.

Additionally, the company has a strong position in power generation, as Baker is one of few original equipment manufacturers supplying smaller-scale turbines and complete behind-the-meter power solutions. These offerings have allowed the company to play a pivotal role in helping to address rapidly growing data center demand, as its data center orders have gone from $0 to $550 million in just two quarters. As such, management is heavily investing in this opportunity — developing larger-scale power systems to support mega-data center deployments.

Furthermore, Baker’s pending acquisition of Chart Industries is expected to further strengthen IET’s position in power, LNG, and industrials. As a result, IET is approaching a 20% EBITDA margin, with further margin expansion expected as the business mix continues to shift toward aftermarket services, which generate long-term recurring revenue streams supported by contracts exceeding 10 years and margins of 35% or more.

For OFSE, management has taken steps to meaningfully improve the segment’s earnings mix and reduce its cyclical commodity exposure. This includes exiting or downsizing non-core ventures and low-margin product lines, such as its surface pressure control joint venture with Cactus; prioritizing the Middle East and international markets (now 75% of OFSE revenue), which are less correlated to commodity prices; and implementing strong pricing discipline and cost cutting measures by enforcing minimum margin thresholds on new contracts, consolidating product lines and simplifying reporting. However, despite these efforts, OFSE remains highly subject to commodity volatility, affecting both the segment’s performance and the company’s overall valuation.

Currently valued at about 9x EBITDA, Baker trades more closely with oilfield services peers (6–7x EBITDA), than its industrial and energy technology peers (16–18x), despite IET being the majority of the company’s revenue and EBITDA. An implied sum-of-the-parts multiple for Baker would put the company at approximately 13x.

It is for this reason that Ananym has launched a campaign at Baker calling for the company to either continue growing IET relative to OFSE or to pursue a sale or spin of OFSE.

Ananym believes that a potential separation could result in an about 51% immediate upside through realizing Baker’s sum of parts valuation, even when assuming $100 million dis-synergies from separation. Moreover, this upside does not reflect much of the potential long-term growth tailwinds and margin expansion expected from these ongoing operational initiatives — value drivers that shareholders should also be better positioned to realize through such a move.

Founded in September 2024, this is Ananym’s third public activist campaign. Knowing Charlie Penner and Alex Silver as we do, we would expect them to strive to work amicably with management to create value for shareholders. As such, they have already expressed full confidence in management to choose the optimal path forward, and the company’s strong operational track record fully supports that confidence.

Moreover, on Oct. 6, the company announced a review of its capital allocation, business, cost structure, and operations.

With all signs pointing towards alignment between the two parties, we do not expect that they will insist on, or even ask for, board representation or continue to engage in much more of a public campaign. Rather, we expect them to work amicably with Baker behind the scenes to unlock meaningful shareholder value. However, this cooperative approach should not be confused for weakness, as they are fiduciaries to their own investors and will do whatever is necessary to create value at their portfolio companies. Thus, should management fail to act decisively, Ananym could quickly shift to a more assertive stance.

Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist investments.

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First Solar opens a Louisiana factory that’s 11 Superdomes big

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First Solar opens a Louisiana factory that’s 11 Superdomes big

First Solar just cut the ribbon on a huge new factory in Iberia Parish, Louisiana, and it dwarfs the New Orleans Superdome. The company’s $1.1 billion, fully vertically integrated facility spans 2.4 million square feet, or about 11 times the size of the stadium’s main arena.

The factory began production quietly in July, a few months ahead of schedule, and employs more than 700 people. First Solar expects that number to hit 826 by the end of the year. Once it’s fully online, the site will add 3.5 GW of annual manufacturing capacity. That brings the company’s total US footprint to 14 GW in 2026 and 17.7 GW in 2027, when its newly announced South Carolina plant is anticipated to come online.

The Louisiana plant produces First Solar’s Series 7 modules using US-made materials — glass from Illinois and Ohio, and steel from Mississippi, which is fabricated into backrails in Louisiana.

The new factory leans heavily on AI, from computer vision that spots defects on the line to deep learning tools that help technicians make real‑time adjustments.

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Louisiana Governor Jeff Landry says the investment is already a win for the region, bringing in “hundreds of good-paying jobs and new opportunities for Louisiana workers and businesses.” A new economic impact analysis from the University of Louisiana at Lafayette projects that the factory will boost Iberia Parish’s GDP by 4.4% in its first full year at capacity. The average manufacturing compensation package comes in at around $90,000, more than triple the parish’s per capita income.

First Solar CEO Mark Widmar framed the new facility as a major step for US clean energy manufacturing: “By competitively producing energy technology in America with American materials, while creating American jobs, we’re demonstrating that US reindustrialization isn’t just a thesis, it’s an operating reality.”

This site joins what’s already the largest solar manufacturing and R&D footprint in the Western Hemisphere: three factories in Ohio, one in Alabama, and R&D centers in Ohio and California. Just last week, First Solar announced a new production line in Gaffney, South Carolina, to onshore more Series 6 module work. By the end of 2026, the company expects to directly employ more than 5,500 people across the US.

Read more: First Solar pours $330M into a new South Carolina solar factory


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