A US policy shock, a long-running national-security concern about drug supply, finally crystallized into tariffs, is pushing pharmaceutical manufacturing back onto American soil. The result is a domestic capital-expenditure wave estimated at roughly $370–480 billion of announced commitments through 2030. The durable money in this theme does not sit with the drugmakers, for whom reshoring is a cost, but with the “picks and shovels”: the engineering, process-equipment, and consumables suppliers who design, build, and outfit the new plants. Also this week, we sat down again with $FRTU President Yoel Damas to address Geoinvesting subscriber questions about funding capacity, automation, the audit process, and the company’s capital structure. The conversation focused on whether the company can convert growing demand without taking on unfavorable financing.

We launched a new Battery Energy Storage Systems (BESS) screen with its first three additions. The screen highlights companies positioned to benefit from growing demand for grid-scale energy storage and related infrastructure. Additional rationale and supporting commentary will be provided during the August Open Forum. 

Battery Energy Storage Systems are becoming an increasingly important part of the power grid. They store electricity when supply is abundant or prices are low, then release it when demand rises, renewable generation falls, or the grid needs additional support. As electricity demand increases from data centers, electrification, and domestic manufacturing, storage can help utilities manage volatility without relying entirely on new generation capacity.