Caitlin Donohue

Caitlin Donohue asked about the market's interest in different size megawatt units (e.g., 2.5 MW, 5.5 MW, 10 MW) for packaging solutions and how Liberty Energy sees itself offering these over the longer term. She also inquired about the deployment cadence for the 3 GW target by 2029, asking if it would be linear or lumpy.

Answer

CEO Ron Gusek explained that Liberty will use a mix of high-speed (2.5 MW, 4.3 MW) and medium-speed (10-12 MW) assets. High-speed assets offer responsiveness and minimal on-site construction due to pre-packaging. Medium-speed assets provide stability, high efficiency (sub 7,000 heat rate), and are ideal for larger installations like gigawatt-scale campuses. CFO Michael Stock stated that deployment will accelerate from now through the end of 2028, with contracts signed over time, and will continue beyond 2029.

Caitlin Donohue with Goldman Sachs inquired about the cadence of the 3 GW deployment by 2029, specifically if it would be steady or more lumpy.

Answer

CFO Michael Stock stated that deployment would accelerate from now through the end of 2028, when it's in service, and continue beyond 2029. He noted that deployment is defined by the accelerating speed of their supply chain and installation ability, with contract announcements made as they happen.