Renewable Fuels and Biofuels Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

ENERGY › ENERGY › RENEWABLE FUELS AND BIOFUELS

Delivered Capacity Earns a Premium While Disclosure Risk Sets the News

This update covers the sector's share-price moves, company news and transaction activity for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Renewable Fuels and Biofuels Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   ENERGY › ENERGY › RENEWABLE FUELS AND BIOFUELS

   Cover slide introducing the bi-weekly Renewable Fuels and Biofuels industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers what changed, who moved and why, what transacted, and what it means for the Renewable Fuels and Biofuels sector across September 14–28, 2026. We built it from prices, filings and transaction records to give a fast, decision-ready read.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › RENEWABLE FUELS AND BIOFUELS Delivered Capacity Earns a Premium While Disclosure Risk Sets the News This update covers the sector's share-price moves, company news and transaction activity for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Renewable Fuels and Biofuels Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Operators Who Turned Construction into Running Capacity Pulled Away from the Rest of The

   This slide summarizes the two-week period's market moves, the leading and lagging names and the sector's key takeaways.

   Across the eleven names we track, six moved lower and the median return came to -6.6%, trailing the S&P 500's +1.6% over the same window. Montauk Renewables, Inc. (MNTK) was the standout, up +32.0%, while AleAnna, Inc. (ANNA) was the weakest name at -20.1%. The gap between these two names shows that commissioned, running capacity is being rewarded more than construction-stage progress. For owners and operators, the message is clear: converting build-out into operating output is what the market is paying for right now.

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   THE BI-WEEKLY BOTTOM LINE Operators Who Turned Construction into Running Capacity Pulled Away from the Rest of The The two-week period in one page · 11 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Renewable Fuels and Biofuels Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 11 Covered Names Fell; The Median Move Was -6.6% The S&P 500 returned +1.6% over the same two-week period, so the covered set trailed the broad market at the median. 2 Montauk Renewables Led the Set on Commissioned Capacity Montauk Renewables, Inc. (MNTK), a Premium-tier name in NeuraCap's tiering, rose +32.0% over the window, with +26.3% of that coming on its strongest single day. 3 AleAnna Was the Weakest Name in the Set AleAnna, Inc. (ANNA) fell -20.1%, well below the -6.6% median for the covered names. 4 Bloom Energy Litigation Dominated the Period's News Flow All eight curated items in the window concern the same securities class action against Bloom Energy Corporation (BE), including allegations that sourcing disclosures conflicted with a stated no-China supply chain. +32.0% Best mover — Montauk Renewables, Inc. (MNTK) worst: ANNA -20.1% · 5 up / 6 down of 11 covered -6.6% Sector median two-week return vs S&P 500 +1.6%

3. 03
   PUBLIC MARKET MOVERS

   Startup Execution and Disclosure Credibility Set the Two Extremes

   This slide ranks the covered names' share-price moves for the two-week period against the sector median and the S&P 500.

   Startup execution and disclosure credibility set the two extremes this period, with the sector median move at -6.6% against a materiality bar of 15.2% on a sector-relative basis. Montauk Renewables, Inc. (MNTK) rose +32.0%, with +26.3% of that move landing in a single strongest day, while AleAnna, Inc. (ANNA) fell -20.1%. The S&P 500 returned +1.6% over the same window, so the covered set trailed the broad market at the median. We read this spread as evidence that the market is pricing execution and disclosure quality name by name, not the sector as a whole.

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   PUBLIC MARKET MOVERS Startup Execution and Disclosure Credibility Set the Two Extremes Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -6.6% · S&P 500 +1.6% · materiality bar ±15.2% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Renewable Fuels and Biofuels Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -6.6% Montauk Renewables, Inc. (MNTK) +32.0% Shares moved following Montauk Renewables' announced opening of its Turkey, North Carolina facility in Sampson County; the available evidence suggests the market read newly commissioned biomethane capacity as concrete operating progress. Capacity that is running, not capacity that is planned, is what the market paid for this period. COMPANY-SPECIFIC AleAnna, Inc. (ANNA) -20.1% No notable in-window news was identified that clearly explains the move. At -20.1%, AleAnna finished far below the -6.6% median for the covered set. Smaller names in this set can travel much further than the median inside a two-week period. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   One Name, One Story: Bloom Energy's Legal Overhang Owns the Window

   This slide covers the two-week period's highest-impact news, dominated by litigation involving Bloom Energy Corporation (BE).

   One name owns this window: every curated item concerns the same securities class action against Bloom Energy Corporation (BE), including allegations that sourcing disclosures conflicted with a stated no-China supply chain. We treat these as recorded filings and news links, not as a verdict on the underlying claims. For clients tracking supply-chain disclosure risk, this cluster of coverage is a signal to revisit how sourcing claims are worded and evidenced elsewhere in the sector. The concentration of news on one name also means the rest of the sector traded on price action alone, with little competing headline risk.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS One Name, One Story: Bloom Energy's Legal Overhang Owns the Window The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Renewable Fuels and Biofuels Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · Newsfile Corp Bloom Energy faces a further investor class-action notice as the lead plaintiff deadline nears NeuraCap's read: a live securities claim sits next to every funding and offtake conversation a capital-intensive producer is running, whatever the case's eventual outcome. Counterparty diligence in this sector now reaches disclosure history, not just plant performance. Sep 14 · NEWS · GlobeNewsWire Bloom Energy is named in a securities fraud lawsuit covering purchases over a defined class period The claim targets what investors were told rather than how the assets perform, which is a different risk from spread or credit-price exposure. Statements about supply chains carry the same weight as statements about output in this sector. Sep 14 · NEWS · GlobeNewsWire Bloom Energy investors are reminded of the approaching lead plaintiff deadline in the pending action Repeated notices through the window kept one company's legal position, rather than sector operating news, at the top of the period's flow. When litigation owns the news flow, operating progress elsewhere gets less airtime. Sep 14 · NEWS · Newsfile Corp Bloom Energy carries a pending securities class action through to the close of the period An unresolved claim is a known, dated item that buyers and lenders can price; NeuraCap's read is that it becomes a standing diligence question until it is cleared. Dated legal milestones are easier for counterparties to underwrite than open-ended uncertainty. Sep 14 · NEWS · GlobeNewsWire Bloom Energy shareholders are alerted again to the class action ahead of the filing deadline The volume of separate notices shows how much attention a single disclosure question can pull toward one name in a sector otherwise focused on capacity and credits. Attention is finite; a legal story crowds out the operating story for the whole peer group. Sep 15 · NEWS · GlobeNewsWire Bloom Energy's securities class action deadline falls inside the reporting window The deadline landing in-window is why the item recurred so often; it marks a procedural step rather than any change in the company's operations. Procedural legal dates can dominate a period's headlines without changing plant-level fundamentals.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Two Weeks for Signings Leaves the Standing Marks in Place

   This slide reviews the two-week period's M&A activity, noting no new signings against the standing set of 40 precedent transactions.

   No new transactions were signed in this window, leaving the reference set anchored to the 40 precedent transactions already in the record. NeuraCap's CY2027E sector median of 7.8x EV/EBITDA remains the standing mark against which any future deal will be measured. A quiet two weeks for signings does not change the multiples buyers and sellers are working from; it simply means the existing marks stayed in place. For acquirers, this is a moment to revisit the precedent set and tiering rather than wait for a new print to reset expectations.

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   M&A & STRATEGIC ACTIVITY A Quiet Two Weeks for Signings Leaves the Standing Marks in Place September 14–28, 2026 · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Renewable Fuels and Biofuels Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The reference set therefore still rests on the 40 precedent transactions already in the record, against NeuraCap's standing CY2027E sector median of 7.8x EV / EBITDA. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What a Two-Week Period Without Signings Still Tells You

   This slide translates the two-week period's evidence into implications for owners, acquirers and advisors.

   For owners and operators, commissioned capacity was the period's reward, with Montauk Renewables, Inc. (MNTK) up +32.0% after moving a project from build to running. For acquirers, the reference set did not change: with no transactions signed, the 40 precedent transactions and NeuraCap's tiering remain the marks, running from a Discount range below 6.2x to a Premium range at 8.7x and above with a 9.7x median. For advisors, the clearest evidence points to leading with commissioning progress and disclosure quality, given the Bloom Energy Corporation (BE) news cluster. Together these observations argue for treating capacity delivery and disclosure clarity as the two levers most visibly priced by the market right now.

   Everything on this page

   WHAT IT MEANS What a Two-Week Period Without Signings Still Tells You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Renewable Fuels and Biofuels Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.8x 10 companies in the study 3 valuation tiers Standing thesis: Renewable Fuels and Biofuels Splits Three Ways: Adjacent Models, Specialty Biodiesel Processing and Bio-Based Chemicals FOR OWNERS & OPERATORS Commissioned Capacity Was the Period's Reward Companies in the space that moved a project from build to running traded higher, with Montauk Renewables, Inc. (MNTK) up +32.0% over the window. FOR ACQUIRERS The Reference Set Did Not Change; The Public Marks Did With no transactions signed in the window, the 40 precedent transactions in the record and NeuraCap's tiering remain the marks: a Premium range at 8.7x and above with a 9.7x median, and a Discount range below 6.2x. FOR ADVISORS Lead with Commissioning Progress and Disclosure Quality The period's clearest evidence is a Premium-tier name rewarded after announcing a facility opening, and a full window of news flow tied to one securities class action at Bloom Energy Corporation (BE).

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the update's sources, methodology and the disclosures needed to interpret its figures.

   Every figure in this update links back to the filing, price record or transaction it was taken from, and the underlying publishers and filings for the period are listed on this page. Attribution language throughout is calibrated: where a driver is recorded, we cite it, and where none is recorded, the page says so plainly. This transparency is what lets you trace any number in the deck back to its source before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Renewable Fuels and Biofuels Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T074200Z_315_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: newsfilecorp.com · globenewswire.com

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