Aggreko Ltd — AI supply-chain exposure

Aggreko rents power by the megawatt-week. Its fleet of mobile diesel and gas generators, battery packs and cooling gear can be trucked to a site and energised in a matter of days, which has made it a stopgap for data centres that are built and ready to run but still stuck in the queue for a permanent grid connection. It sits at the energy edge of the chain as a temporary-power supplier rather than a fixed asset.

Its real hook is the interconnection gap itself. Grid connections for large loads can take years, and the compute cannot wait — so bridging power lets a campus draw down before its permanent feed arrives. That exposure is genuine but structurally shallow: Aggreko supplies the bridge, not the destination. The model places it at the periphery of the power layer, a useful shock absorber for a build-out that has outrun the grid, not a company the rest of the chain depends on.