SEI -- Solaris Energy Infrastructure, Inc.

Former oilfield services company pivoting to distributed power generation for AI data centers. Leopold holds $86M (1.6% of portfolio). Not in our AGI scoring universe. CIK: 1697500. | Analysis date: 2026-03-12

Why are we looking at this?

Leopold Aschenbrenner (Situational Awareness LP) built a $86M position in SEI during Q3-Q4 2025 -- from zero to 1.87M shares. This is a $3.8B market cap company where Leopold is already the 8th largest institutional holder. The company was formerly "Solaris Oilfield Infrastructure" -- a proppant logistics company for fracking -- and renamed itself in September 2024 after acquiring Mobile Energy Rentals and pivoting hard into distributed power generation for data centers. Leopold's thesis is clear: AI needs power, the grid cannot deliver it fast enough, and companies providing behind-the-meter distributed generation are critical infrastructure. SEI has $2.2B in contracted future lease payments and is scaling to 2,200 MW of capacity by early 2028. The question: is this a real business transformation or an oilfield company slapping "AI" on its name?

$53.33
Stock Price (Mar 12)
$3.83B
Market Cap
6.1x
EV / Revenue (TTM)
$622M
Revenue (FY2025)
+99%
Revenue Growth YoY
2,200 MW
Target Capacity (2028)
$564M
Stockholders' Equity
$2.23B
Contracted Lease Payments
27.3%
Short Interest (% Float)
Stock Price — SEI

1. What SEI Actually Does

Solaris Energy Infrastructure operates two distinct businesses that share almost nothing except a corporate parent. Understanding this is critical to valuing the company.

Solaris Power Solutions (THE GROWTH ENGINE)

Revenue (FY2025)$333.5M (54%)
Revenue (FY2024)$38.6M (12%)
Growth YoY+764%
Cost of Revenue$136.9M (41% of rev)
Gross Margin~59%
Q4 2025 Revenue58% of total
Q4 2025 Adj. EBITDA70% of segment total
Operating Lease Income$272M (FY2025)
Customer Concentration88% from 1 customer

This is the entire thesis. SEI provides modular, behind-the-meter power generation equipment (natural gas turbines/generators) to data center operators who cannot wait for grid connections. Revenue is primarily lease income -- they own the generators and rent them. The equipment is scalable, deployable in months (vs years for grid), and can serve as bridge power or permanent distributed generation.

Solaris Logistics Solutions (THE LEGACY BUSINESS)

Revenue (FY2025)$288.7M (46%)
Revenue (FY2024)$274.5M (88%)
Growth YoY+5%
Cost of Revenue$199.9M (69% of rev)
Gross Margin~31%
Fully Utilized Systems93 (vs 91 in 2024)

The original business. Designs and manufactures specialized equipment for managing proppant (sand) and other raw materials used in hydraulic fracturing. Includes last-mile logistics, field technician support, and software solutions. This business is stable but has no growth story. It generates solid cash flow that partially funds the power solutions buildout. Two customers account for 28% and 12% of segment revenue.

The Key Contracts That Define SEI's Future

ContractCapacityTermStartDetails
Data Center Customer #1 (900 MW)~900 MW7 years2026Long-term commercial arrangement. Revenue expected to commence 2026. Joint venture: Stateline Power LLC (50.1% SEI / 49.9% customer).
AI Computing Customer (500+ MW)500+ MW10 years2027"Investment grade, global technology company and industry leader in the evolving artificial intelligence computer space." Signed Q1 2026.
Additional 500 MW Order~500 MW--mid-2027 to early 2028Ordered in November 2025. Equipment deliveries expected in tranches.
Total Target Capacity~2,200 MW--Early 2028"The majority of this capacity is currently committed to customers."
The $2.2B Number. As of December 31, 2025, SEI reported $2.233 billion in future minimum lease payments to be received under operating leases (up from $142M a year earlier -- a 15.7x increase). This is contracted, committed revenue from creditworthy counterparties. For a company with a $3.8B market cap, this backlog represents extraordinary revenue visibility. The 500+ MW AI computing contract signed in Q1 2026 will add further to this backlog.

2. The AI Power Thesis: Why Leopold Is Buying

Leopold's portfolio is a roadmap of the AI infrastructure supply chain. Understanding where SEI fits requires looking at his full position set.

Leopold's Q4 2025 Portfolio -- The AI Power Supply Chain

#CompanyValue% PortfolioRole in AI Supply Chain
1Bloom Energy (BE)$876M15.9%Fuel cells for data center power
2CoreWeave (CRWV) [Call]$774M14.0%GPU cloud / AI compute
3Intel (INTC) [Call]$747M13.5%Chip manufacturing / foundry
4Lumentum (LITE)$479M8.7%Optical networking for data centers
5CoreWeave (CRWV)$437M7.9%GPU cloud / AI compute (common)
6Core Scientific (CORZ)$419M7.6%Data center infrastructure (activist)
7IREN (IREN)$329M6.0%Bitcoin mining / data center power
8Applied Digital (APLD)$278M5.0%AI data center hosting
9SanDisk (SNDK)$250M4.5%Data storage infrastructure
10Cipher Mining (CIFR)$155M2.8%Bitcoin mining / power infrastructure
11EQT Corp (EQT)$133M2.4%Natural gas producer (fuel for power)
12Coherent (COHR)$89M1.6%Optical components for networking
13Solaris Energy (SEI)$86M1.6%Distributed power generation for DC
14Tower Semi (TSEM)$85M1.5%Specialty chip manufacturing
15Riot Platforms (RIOT)$78M1.4%Bitcoin mining / power infrastructure

Total portfolio: $5.52B across 29 positions. Q4 2025 (period ending Dec 31, 2025). 15 positions shown.

Leopold's AI Infrastructure Stack

Reading Leopold's portfolio like a system diagram:

The thesis is complete. Leopold is long the entire stack from fuel extraction through GPU compute. SEI sits at the critical "power generation" layer -- the physical equipment that converts natural gas into electricity at the point of consumption. This is the bottleneck: you can buy GPUs relatively quickly, but you cannot get grid power for 3-5 years.

Leopold's SEI Position Build

QuarterSharesValue% PortfolioAUMAction
Q4 20240----$255MNot in portfolio
Q1 20250----$1.0BNot in portfolio
Q2 20250----$2.1BNot in portfolio
Q3 20251,150,300$46.0M1.1%$4.1BNEW POSITION
Q4 20251,866,500$85.8M1.6%$5.5B+62% shares added

Leopold's average cost basis is approximately $37-40 per share based on the Q3 average price and continued buying through Q4. At the current price of $53.33, he's sitting on roughly 35-45% unrealized gain. He increased the position by 62% in Q4, signaling continued conviction.

3. The Business Transformation: From Proppant to Power

Timeline of the Pivot

DateEventSignificance
2014Founded as Solaris Oilfield InfrastructureProppant management systems for fracking
2017IPO on NYSE as "SOI"$8-10 range, pure oilfield services
2018-2023Stable oilfield logistics businessRevenue $159-320M, single segment
Sep 2024Acquired Mobile Energy Rentals (MER)Entered power generation. Paid ~$310M ($122M cash + $186M equity + assumed debt). Added 230 MW deployed capacity.
Sep 2024Renamed to Solaris Energy Infrastructure (SEI)Signal: power is now the primary identity
2024Formed Stateline Power LLC (50.1/49.9 JV)Joint venture with first data center customer
2025Signed 900 MW / 7-year contractMassive contract with primary data center customer
May 2025Issued 4.75% Convertible Notes due 2030Capital raise to fund equipment purchases
Aug 2025Acquired HVMVLV LLCAdded power control & distribution capability
Oct 2025Issued 0.25% Convertible Notes due 2031Additional capital for growth
Nov 2025Ordered additional ~500 MW of generatorsDelivery mid-2027 through early 2028
Q1 2026Signed 500+ MW / 10-year contract with AI company"Investment grade, global technology company... industry leader in AI computing." Revenue from 2027.
Who is the "AI Computing" Customer? The 10-K describes the Q1 2026 contract customer as "an affiliate of an investment grade, global technology company and industry leader in the evolving artificial intelligence computer space." This is almost certainly one of: Microsoft, Google, Amazon, Meta, or Oracle. The 10-year term and 500+ MW scale suggest a hyperscaler. The separate description from the 900 MW customer (likely CoreWeave or a similar data center operator) means SEI now has at least two major anchor customers -- reducing single-customer concentration risk going forward.

4. Financial Deep Dive

Income Statement Progression

MetricFY2021FY2022FY2023FY2024FY2025Growth 24-25
Total Revenue$159M$320M$293M$313M$622M+99%
  Power Solutions------$39M$334M+764%
  Logistics Solutions$159M$320M$293M$274M$289M+5%
Operating Income-$0.4M$42M$50M$53M$135M+156%
Operating Margin-0.2%13.1%17.0%16.9%21.8%--
EBITDA (approx)$27M$72M$86M$96M$220M+129%
D&A$27M$30M$36M$47M$84M+79%
Interest Expense$0.2M$0.5M$3.3M$11.8M$53M*--
Net Income-$0.9M$21M$24M$16M$30M+91%
Net Income (incl NCI)-$1.3M$34M$39M$29M$59M*--

*Interest expense increased sharply due to convertible notes (2030: 4.75%, 2031: 0.25%) and Stateline term loan. Net income to Solaris Inc. common stockholders is lower due to noncontrolling interest allocation.

Balance Sheet Snapshot

Assets (Dec 31, 2025)

Total Assets$2,143M
Cash & Equivalents$353M
Accounts Receivable$138M
Inventory$12M
Net PP&E$1,279M
  Gross PP&E$1,637M
  Construction in Progressest. $300M+
Goodwill$105M
Other Intangibles$66M
Deferred Tax Asset$47M

Liabilities & Equity (Dec 31, 2025)

Total Liabilities$982M
Current Liabilities$185M
Long-Term Debt$184M
  Convertible Notesest. $575M
  Stateline Term Loanest. $300M+
Total Debt$1,079M
Debt-to-Equity1.3x
Stockholders' Equity$564M
Noncontrolling Interest$597M
Total Equity (incl NCI)$1,161M

Cash Flow -- The Capex Story

MetricFY2023FY2024FY2025Direction
Operating Cash Flow$88M$59M$209MStrong improvement
Capital Expenditures-$64M-$188M-$647MMassive ramp (equipment purchases)
  Of which Stateline-----$234MJV buildout
  Logistics Solutions-----$7MMinimal
Free Cash Flow$24M-$129M-$438MDeep negative (investing phase)
Investing Cash Flow-$62M-$305M-$686MIncludes acquisitions
Financing Cash Flow-$29M$400M$717MDebt + equity raises
Capex Not Yet Paid$1M$10M$92MCommitted but unpaid orders
The Capex Ramp Is Real And Growing. SEI spent $647M in capex in 2025 (mostly power generation equipment), and management says 2026 capex will be higher than 2025. They are funding this with: (1) operating cash flow ($209M), (2) convertible notes (~$575M raised), (3) Stateline term loan, and (4) revolving credit facility. FCF will remain deeply negative through at least 2027 as they build toward 2,200 MW. This is a classic "invest now, harvest later" story -- but it means significant capital requirements and execution risk.

5. The Lease Economics -- Why This Could Be Extraordinary

The single most important number in SEI's financials is the future minimum lease payments receivable. This tells us what is already contracted and committed.

MetricDec 2023Dec 2024Dec 2025Growth
Operating Lease Income (annual)$0$36M$272M+656%
Future Min. Lease Payments Receivable$1.4M$142M$2,233M+1,472%

This progression tells the story: from essentially no lease business in 2023, to $142M in backlog after the MER acquisition in 2024, to $2.2 billion in contracted future lease payments by end of 2025. And the 500+ MW / 10-year AI computing contract signed in Q1 2026 will add hundreds of millions more.

The Unit Economics of Power Generation Leasing

VariableEstimateSource/Basis
Capex per MW (equipment cost)$300-500KBased on total capex / target capacity
Revenue per MW per year (lease)$150-200K$272M lease income / ~1,400 average deployed MW-months
Cost of revenue (% of lease rev)41%FY2025 Power Solutions segment
Gross margin on leases59%FY2025 Power Solutions segment
Typical contract term2-10 years10-K disclosure
Payback period (simple)2-3 years$400K capex / $150K annual net = ~2.7 years
Implied lease ROI (annual)35-50%After cost of revenue, before corporate overhead
The economics are compelling. If SEI can deploy 2,200 MW at $150-200K revenue per MW per year, that implies $330-440M in annual lease revenue at steady state -- with ~59% gross margins. Add in the logistics business (~$290M revenue), and total revenue could reach $620-730M from existing capacity alone. With the 500+ MW Q1 2026 contract layered on, total capacity could push toward 2,700 MW by 2029, implying $700-900M in power lease revenue and $1.0-1.2B total revenue.

6. Valuation Analysis

Current Valuation Metrics

$3.83B
Market Cap
$3.82B
Enterprise Value
6.1x
EV / Revenue (TTM)
17.4x
EV / EBITDA (TTM)
80.8x
P/E (trailing)
20.1x
P/E (forward)

Forward Revenue Projections

ScenarioFY2025AFY2026EFY2027EFY2028EImplied EV/Rev '28
Power Solutions$334M--------
Logistics Solutions$289M--------
Conservative$622M$850M$1,100M$1,250M3.1x
Base Case$622M$950M$1,350M$1,600M2.4x
Bull Case$622M$1,050M$1,600M$2,000M1.9x

Conservative: 2,200 MW at lower utilization/pricing + flat logistics. Base: Full 2,200 MW at expected pricing + logistics stability. Bull: 2,700+ MW including Q1 2026 contract + pricing uplift.

10x Entry Price Analysis

What Price Would Give Us 10x Over 5-7 Years?

For a 10x return, we need to buy at a price where the terminal value is 10x our entry. Let's work backwards.

Terminal Scenario (2030-2032)RevenueEBITDA MarginEBITDAEV/EBITDATerminal EV10x Entry EV10x Entry Price*
Conservative$1.5B35%$525M10x$5.25B$525M~$7
Base$2.0B38%$760M12x$9.1B$910M~$13
Bull$2.5B40%$1.0B14x$14.0B$1.4B~$20
Extreme Bull$3.5B42%$1.47B16x$23.5B$2.35B~$33

*Assumes ~71M diluted shares (current ~49M Class A + Class B + convertible dilution). The convertible notes and Class B units create significant potential dilution that must be accounted for.

Bottom line: To get a 10x return from today's price of $53, the company would need to reach an enterprise value of $38B+ -- implying $3B+ in EBITDA. That's a stretch even in the bull case. For 10x to work, you need to buy at $13-20 under the base-to-bull scenario, or the extreme bull case needs to play out from today's price (getting you ~6x). At $53, this is not a 10x setup. At $20, it could be.

Analyst Consensus

Number of Analysts10
Consensus RatingStrong Buy (1.4/5)
Target Low$61.00
Target Mean$67.60
Target High$73.00
Upside to Mean+27%

7. Risk Analysis

Critical Risks

  • Extreme Customer Concentration: 88% of Power Solutions revenue from a single customer in FY2025. If this customer cancels, delays, or renegotiates, the thesis collapses. The Q1 2026 AI computing contract helps diversify, but the company remains heavily dependent on 1-2 customers.
  • Massive Capex Execution Risk: SEI needs to deploy $647M+ per year in equipment. Supply chain delays (they depend on one primary equipment supplier), cost overruns, or deployment bottlenecks could crater returns. $92M in committed but unpaid orders at year-end.
  • Convertible Debt Dilution: Two convertible note issues (4.75% due 2030, 0.25% due 2031) will significantly dilute shareholders on conversion. Total debt $1.08B against equity of $564M. D/E of 1.3x is manageable but will grow before it shrinks.
  • 27% Short Interest: 12.7M shares short (27.3% of float). Short sellers see something -- likely the customer concentration, capex burn, and the question of whether oilfield companies can truly execute a power gen pivot. High short interest cuts both ways: squeeze potential on good news, but smart money is betting against.
  • Grid Buildout Risk: If grid infrastructure catches up faster than expected (utility-scale solar, battery storage, grid modernization), the need for behind-the-meter distributed generation diminishes. SEI's customers could eventually transition from rented generators to permanent grid connections.

Bull Case Factors

  • $2.2B Contracted Revenue: This is the strongest evidence that the pivot is real. These are multi-year lease agreements with what appear to be creditworthy counterparties (a data center operator and an "investment grade" tech company). Revenue visibility is exceptional.
  • Grid Is 3-5 Years Behind: Getting a new 500 MW grid connection takes 3-5 years. AI demand is NOW. Every hyperscaler building new data centers needs bridge power. SEI can deploy in months. This time advantage is structural, not temporary.
  • Leopold's Conviction: Leopold Aschenbrenner is not a generalist fund manager throwing darts. He has the strongest thesis on AI infrastructure demand of any public investor. His 62% position increase in Q4 suggests he's not just testing the waters.
  • Recurring Revenue Model: Equipment leasing with 7-10 year terms creates predictable, recurring revenue streams. 59% gross margins on power solutions are attractive and could improve as the fleet scales.
  • Optional Second Act: As grid connections eventually arrive, SEI could transition from bridge power to backup/peaker power -- still needed for reliability. The equipment doesn't become worthless when the grid catches up.
The Biggest Risk: Single Supplier Dependency. The 10-K explicitly warns: "This supplier provides a significant portion of the equipment used in this segment's operations." If this supplier (likely Caterpillar or a comparable industrial manufacturer) cannot deliver equipment on time, SEI cannot fulfill its contracts. With $2.2B in contracted revenue depending on equipment deliveries, this is an existential risk. The 10-K notes "viable market alternatives" exist but provides no guarantee of avoiding "supply chain shortages or price increases."

8. Stock Price History

PeriodPriceContext
Mar 2024$8.27Pure oilfield company, pre-pivot
Jul 2024$12.73Rumors/announcement of MER acquisition
Sep 2024$12.48MER acquisition closes, renamed to SEI
Nov 2024$24.10Market begins pricing in power thesis (+93%)
Dec 2024$28.26Continued momentum
Mar 2025$21.49Pullback (-24%)
Sep 2025$39.79900 MW contract announced, Leopold enters
Oct 2025$52.99Peak momentum (+33%)
Jan 2026$55.06Near all-time high ($61.36 ATH)
Mar 2026$53.33Current price, -13% from ATH

52-week range: $14.27 - $61.36. The stock is up +274% from its March 2025 low of $14.27.

9. Institutional Ownership & Short Interest

Top Institutional Holders

HolderSharesValue% Held
BlackRock4.31M$230M8.8%
Vanguard2.91M$155M6.0%
Encompass Capital2.56M$137M5.2%
FMR (Fidelity)2.29M$122M4.7%
Morgan Stanley2.09M$112M4.3%
Summit Partners2.08M$111M4.2%
Goldman Sachs1.88M$100M3.9%
Situational Awareness (Leopold)1.87M$100M3.8%
Millennium Management1.85M$98M3.8%
Jane Street1.64M$88M3.4%

Institutional ownership >130% of float (common with convertible arb and dual-class structures).

Short Interest & Float

Shares Outstanding (Class A)48.8M
Float50.3M
Insider Ownership6.3%
Shares Short12.7M
Short % of Float27.3%
Short Ratio (Days to Cover)3.93
Prior Month Short12.6M
Change+1.0% (slightly increasing)

27% short interest is very high. For context, most stocks have 2-5% short interest. Over 20% signals significant skepticism. The shorts likely see: (1) an oilfield company with no power generation track record, (2) extreme customer concentration, (3) massive capex requirements with negative FCF, and (4) a stock that's up 5x from March 2025 lows. If the contracts execute as planned, this could squeeze violently. If they don't, the shorts are right.

10. Key Open Questions for Further Research

  1. Who is the 900 MW data center customer? The 10-K describes a single customer at 88% of Power Solutions revenue with a 7-year contract and 50.1/49.9 JV (Stateline Power LLC). This is likely CoreWeave (Leopold holds $1.2B of CoreWeave stock) or possibly a hyperscaler. The identity matters enormously for credit risk assessment.
  2. Who is the 500+ MW AI computing customer? "Investment grade, global technology company and industry leader in the evolving artificial intelligence computer space." 10-year term starting 2027. This almost certainly means Microsoft, Google, Meta, Amazon, or Oracle. Investment grade + AI leadership + data center = all five qualify.
  3. Who is the primary equipment supplier? SEI depends on "a leading supplier of distributed power generation equipment" for the majority of its fleet. This is likely Caterpillar (CAT), Cummins (CMI), or Wartsila. Supplier concentration is a key risk.
  4. What is the actual diluted share count? With two convertible note issues and Class B units, the fully diluted share count is significantly higher than the 48.8M Class A shares outstanding. This materially affects per-share valuation.
  5. What is the Stateline Power LLC economics? The 50.1/49.9 JV with the primary customer -- how is revenue/profit shared? What capex does each party contribute? What happens if the customer stops paying?
  6. What are the lease terms (fixed vs. variable)? Are lease payments fixed for the full 7-10 year terms, or do they have escalation clauses, fuel pass-through provisions, or early termination options?
  7. What is the equipment life vs. lease term? If generators have a 15-20 year useful life but leases are 7-10 years, what happens to the equipment after the initial lease? Residual value and re-leasing potential matter.
  8. Is there a pending lawsuit? The 10-K mentions "Stephen Pirello v. Solaris Energy Infrastructure, Inc., et al., Case No. 4:25-cv-01455" -- a federal securities lawsuit. What are the allegations? This needs investigation.

11. Verdict & Investment Framework

Assessment: Compelling Business, Expensive Stock

The transformation is real. SEI has $2.2B in contracted future lease payments, is scaling to 2,200+ MW of power generation capacity, and has signed a new 500+ MW / 10-year deal with an investment-grade AI company. The economics of behind-the-meter power generation for data centers are genuinely attractive: 59% gross margins, multi-year recurring revenue, and a structural time advantage over the grid. Leopold's position alongside 9 other "Strong Buy" analysts adds signal quality.

But the stock already prices in significant success. At $53, the market cap is $3.8B with an EV/Revenue of 6.1x and P/E of 80x trailing. The 27% short interest and deep negative FCF (-$438M in FY2025) reflect real risks around execution, customer concentration, and capital requirements. The stock is up 5x from its March 2025 lows -- much of the pivot has already been priced.

10x Entry Price

Conservative (base terminal)$13
Aggressive (bull terminal)$20
Current Price$53.33
Discount Needed60-75%

For a 10x return over 5-7 years, we'd need to buy at $13-20. That's a 60-75% decline from current levels. Not impossible in a market crash or execution stumble, but not something to wait around for.

Fair Value Estimate

FY2027E EBITDA$450-550M
Applied Multiple12-14x
Implied EV$5.4-7.7B
Less Net Debt-$726M
Equity Value / Diluted Shares$66-98
Midpoint Fair Value~$82
Upside from Current+54%

On a forward-looking basis, if the contracts execute, SEI is undervalued relative to FY2027 earnings power. The analyst mean target of $67.60 looks reasonable for a 1-year target; our 2-year estimate is higher.

Watchlist Status

ActionPriceRationale
Add to WatchlistNOWFascinating business transformation worth monitoring
Begin Position (small)$35-40Pullback to Leopold's cost basis. ~30% downside from current.
Build Position (larger)$25-30Market panic or execution concerns. Could be 3-4x from here.
Back Up the Truck$15-2010x territory. Would require severe market dislocation or company-specific scare.

Key insight: SEI is the kind of company we want to own -- a real asset business with contracted revenue, positioned at a critical bottleneck in AI infrastructure. But we don't want to own it at any price. The 27% short interest tells us the stock is volatile and could give us a much better entry. Watch for: (1) a market correction, (2) a customer delay or cancellation, (3) an equipment delivery problem, or (4) a secondary offering that temporarily depresses the stock. Any of these could give us $30-40 entry, which is much more interesting than $53.

12. SEI vs. CORZ -- Two Paths to AI Power

DimensionSEI (Solaris Energy)CORZ (Core Scientific)
Business ModelEquipment owner/lessor (distributed power gen)Data center operator (colocation/hosting)
Asset TypePower generators (mobile, modular)Data centers + power infrastructure (fixed)
Revenue ModelOperating leases (7-10yr terms)Colocation fees + power pass-through
Leopold Position1.6% of portfolio, passive7.6% of portfolio, activist (13D, 9.4% ownership)
Revenue (FY2025)$622M (+99%)$319M (-38%)
EBITDA (FY2025)~$220M~$110M
Market Cap$3.8B$5.1B
Contracted Revenue$2.2B in future lease pmts$556M deferred revenue
Power Capacity2,200 MW target (by 2028)1.4 GW (920 MW leasable)
Key RiskCustomer concentration (88% from 1)Mining-to-hosting pivot execution
Short Interest27.3%~10%
RelationshipPotentially complementary: SEI provides power TO data centers like CORZ. Leopold may see them as vertically connected -- SEI generates the power, CORZ consumes it.

13. Data Sources

Key file references: