San Diego, CA
Amid rising energy demand and global unrest, this San Diego renewables company says it’s in a good spot
After 18 years of carving out a national niche in the energy infrastructure sector, San Diego-based SOLV Energy became a public company on Feb. 11, closing out its initial public offering and trading on the NASDAQ Global Select Market.
“You’re always a little nervous because you feel like you’re throwing a big party and you don’t know who’s going to show up,” founder and CEO George Hershman said.
It turned out that there was no reason to worry, as investors gobbled up 20.5 million shares of Class A common stock at an IPO price of $25 per share for the company that’s built more than 500 solar and battery energy storage projects across the country — and has constructed, operates and maintains 150 of its own utility-scale solar and battery facilities.
“I think the strength of our investors and the support of our business was strong,” Hershman said during an interview at SOLV Energy’s headquarters in Rancho Bernardo.
The company boasts a market cap of about $5.85 billion and despite stock market jitters caused by the twists and turns with the war in Iran, SOLV Energy stock has more than held its own. It closed the trading day last Friday at $31.66 per share.
“I think investors are looking at the stability of renewables as a real way to hedge against the volatility of fossil fuels” in the wake of the hostilities, Hershman said.
But regardless of what eventually happens near-term in the Middle East, it’s widely accepted that energy demand is poised to take a dramatic leap in the U.S.
Some analysts foresee domestic electricity consumption swelling 25% in the next four years — and continuing to rise well into the next decade — due to a combination of factors, most notably the growth of data centers feeding artificial intelligence.
SOLV Energy executives believe their company is in the right place at the right time.
“We’ve never seen that kind of energy demand in the U.S. so a company like ours is well-positioned to provide that generation and service,” Hershman said. “We’re sitting in a good spot to continue to grow and capture a lot of that market opportunity … I think the investor community understands that energy demand is real.”
Legislation dubbed the “One Big Beautiful Bill” that passed on Capitol Hill and was signed into law last summer by President Donald Trump cracked down on the 30% federal tax credit on solar and wind power. But a safe harbor provision for utility-scale projects is in place until July 4, and those that meet a “begin construction” deadline have as late as 2030 to receive the credit.
“It really didn’t create much of an impact on our business,” Hershman said. “Energy demand is what is driving our market now, not tax incentives.”
Microsoft is in the process of resurrecting one of the nuclear power units at Three Mile Island to provide electricity to fuel its AI data centers. Some tech titans are casting their eyes on natural gas plants for the same reason.
But Hershman says SOLV Energy has an advantage.
“A gas plant is going to take you seven to 10 years to build. A nuclear plant is going to take you a few decades to build, at best,” he said. But a solar and storage plant “can be deployed and be sending megawatt-hours to the grid in 12 to 18 months.”
But what about the fact that renewable energy sources are intermittent — that is, solar does not produce electricity when the sun is not shining and batteries typically run for about four hours? And what about concerns of battery fires?
Hershman said “long-duration battery (systems) are coming” and technological advancements are leading to more fire-resistant battery chemistries.
“We’re going to have to make sure that we do it safely, first and foremost, and technology is going to be a big part of that,” he said. “But the reality is, we’re going to have to meet this load somehow.”
Before its IPO, SOLV Energy was a private company, created as a division of commercial construction company Swinerton in 2008. Since 2022, SOLV has been owned by American Securities, a private equities firm.
SOLV’s national workforce is made up of about 2,600 employees, with more than 150 based in the San Diego area.
The company’s ticker symbol is MWH, which is appropriate for an energy company since that’s an acronym for “megawatt hours.”
San Diego, CA
Neymar expected to return from right calf injury and play for Brazil in World Cup against Scotland
Neymar is expected to return from a right calf injury and play for Brazil in its final World Cup group match, coach Carlo Ancelotti said Friday night.
Neymar missed Brazil’s first two games of the tournament, including Friday’s 3-0 win over Haiti.
Ancelotti said Neymar would go through individual training on Saturday, train with the team on Monday and “will be available” for Brazil when it closes Group C play against Scotland on Wednesday in Miami Gardens, Florida.
Neymar is Brazil’s career scoring leader with 79 goals in 129 international appearances.
The 34-year-old midfielder has yet to practice in full sessions with the team since reporting to Brazil’s squad while nursing the calf injury.
Looking to play in his fourth World Cup, Neymar had tests on his calf last Monday to determine the progress of the injury that he sustained while playing for Brazilian club Santos on May 17.
There was widespread debate in Brazil over whether Neymar, whose first World Cup was on home soil in 2014, should have been called up for the tournament. He has struggled since returning from tearing the ACL in his left knee in October 2023 in a World Cup qualifier.
Neymar has four goals and two assists in eight matches for Santos this year.
CORONADO, Calif. (KGTV) – Everyone from NASCAR officials to the drivers to those who serve on Naval Base Coronado is beaming with excitement, waiting to kick the tires and light the fires this race weekend for NASCAR San Diego Weekend.
“Fans can expect one incredible time. History is being made this weekend,” Matt Humphrey, Sr. Director of Track Communications for NASCAR, said.
The racing track is up at Naval Base Coronado.
“It’s been amazing from seeing the bones of the track going up to driving the track, going to work in the morning. It’s incredible,” Seaman Naylei Fausto of the U.S. Navy said,
And now it’s time to race.
The NASCAR San Diego weekend is officially underway, with the first event held at an active military base.
“They’re going to be able to see a lot of what NASCAR is about with all the different fan displays, the kids’ zone, all the different activations from our partners around, but most importantly, they’re going to see the United States Navy showcased in the best form possible,” Humphrey said.
One of those sailors, Seaman Fausto, who is a lifelong NASCAR fan, never thought she’d see her station transformed into a NASCAR track, let alone any base.
“Joining the Navy, I thought I was going to be out taking pictures and doing Navy-related things, and now I get to work with NASCAR, which is just amazing and it’s fulfilling my inner child,” Fausto said.
Those behind the wheel say that, in their experience, there’s nothing like this event.
“It’s definitely a once-in-a-lifetime opportunity. I think we’ve had some opportunities. We did the street course in Chicago for the last couple of years,” Cody Ware, NASCAR Driver, said. “But to show up here, getting the opportunity to race on an active military base just for the US Navy and NASCAR to be able to work together to put the show on is really incredible.”
There will be a Truck Series race starting at 4 p.m. on Thursday. On Saturday, that’s when the NASCAR O’Reilly Auto Parts race will be happening. That begins at 2 p.m. This is the second tier of NASCAR races where drivers hone their skills, looking to get into the top level of the NASCAR circuit. Sunday is the main race with the NASCAR Cup Series happening at 1 p.m.
While it’s incredible to host NASCAR at the naval base, NASCAR officials hope people plan ahead to avoid the painful process of getting to the track.
“But if you do not have that government-issued photo ID or passport, you’ll be turned away. So very important that you bring that. But then bring your patients, come early,” Humphrey said. “If you think it’s going to take a half hour to get here, add an extra 30 to 40 to even 60 minutes on top of that; just to give yourself enough time to get over the bridge to make sure you get through the gates, get through security.”
Humphrey added that NASCAR is working together with local, state and federal agencies to make sure traffic is moving smoothly, and everyone is getting into the race and having fun.
San Diego County will be the center of NASCAR nation this weekend, with fans flocking to Naval Base Coronado for three days of events.
This is the first-ever Cup race held in San Diego County and the NASCAR community is also presenting it as its way of celebrating the 250th anniversary of the U.S. Navy.
Tickets are completely sold out, but locals can still get in on the fun at various event and activities taking place across the region.
Here’s what to know about this one-of-a-kind weekend in San Diego. Full coverage of NASCAR San Diego Weekend can be found at sandiegouniontribune.com/tag/nascar.
What is NASCAR San Diego Weekend?
The three-day event begins with Friday’s Craftsman Truck Series race, continues with an O’Reilly Auto Parts series race on Saturday and wraps Sunday with the Anduril 250.
Grandstands with a capacity for 40,000 fans have been erected, with another 10,000 spectators expected to occupy standing areas around the grounds.
Here’s a turn-by-turn look at Naval Base Coronado’s race circuit
When is it taking place?
Parking lots, which are on base, open each day at 7 a.m. and gates open at 9 a.m.
The Craftsman Truck Series takes place Friday at 4 p.m. The O’Reilly Auto Parts series race blasts off at 2 p.m. Saturday. The main event, NASCAR Cup Series Race, happens Sunday at 1 p.m.
A race-by-race look at NASCAR’s San Diego Weekend
Each day will also feature entertainment, driver Q&As and other activities.
Where is it?
Naval Base Coronado will host the weekend’s activities. All fans in attendance must carry a valid government-issued photo ID at all times.
Going to this weekend’s NASCAR races in Coronado? Here’s what you need to know
All event parking will be located on Naval Base Coronado. There is no event parking available within the city of Coronado.
Who is racing?
Shane Van Gisbergen, Tyler Reddick, Mike McDowell, Chase Elliott and Ty Gibbs are just a few of the names to expect this weekend. A full lineup can be found at nascarsandiego.com/nascar-san-diego-mission-lineup.
These 13 Cup racers could all win Sunday’s Anduril 250 in Coronado
How to watch on TV:
Craftsman Trucks Series race: 4 p.m. Friday on Fox Sports 1
O’Reilly Auto Parts Series race: 2 p.m. Saturday on The CW
NASCAR Cup race: Sunday at 1 p.m. on Prime Video
Local events:
San Diegans have a range of options for getting in on the fun of NASCAR weekend in Coronado, including meet and greets with drivers, watch parties and fan zones.
Your guide to fan events during NASCAR San Diego Weekend
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