HNRG Hallador Energy Company
Price Chart
Executive Summary
Hallador Energy entered an Asset Purchase Agreement to acquire ~460 MW of Siemens gas turbines and related equipment for $350M ($760/kW), plus ~$100M in delivery costs, totaling $450M. The equipment secures critical long-lead-time components for its proposed Merom natural gas project, which could begin generating revenue between late 2028 and mid-2029 pending MISO interconnection, financing, and offtake agreements. The deal is financed from a $120M credit facility and a growing contracted sales book exceeding $2.1B, with no outstanding bank debt as of March 31, 2026.
Key Financial Metrics
Actionable Insight
The acquisition de-risks the Merom project timeline by securing scarce turbine equipment at a favorable price. Key catalysts: MISO ERAS study completion (September 2026), final investment decision, and long-term offtake agreements. Monitor the June 2 conference call for financing details and project timeline updates.
Key Facts
- Acquired ~460 MW of Siemens gas turbines and ancillary equipment for $350M ($760/kW), plus ~$100M in delivery costs, total $450M.
- Equipment has never been fired and is acquired at an attractive valuation vs. new alternatives with long lead times.
- Merom project is advancing through MISO's ERAS interconnection process; final investment decision expected after study completion in September 2026.
- Company had no outstanding bank debt and a $120M credit facility as of March 31, 2026.
- Contracted sales book has grown to over $2.1B in 2026, including a previously announced 12-year capacity agreement valued at over $1B.
- Revenue from the project could begin between late 2028 and mid-2029.
- Hallador retains optionality to advance the full project, sell the project with equipment, or sell equipment standalone.
Financial Impact
Total acquisition cost of $450M (equipment + logistics) for a project with estimated total cost more than double that amount. Company has no bank debt and $120M credit facility; contracted sales book >$2.1B supports financing.
Risk Factors
- MISO interconnection study may not result in a favorable Generator Interconnection Agreement.
- Project financing may not be secured on acceptable terms, potentially causing delays or equity dilution.
- Long-term offtake agreements may not materialize at expected pricing.
- Project could be delayed beyond late 2028/mid-2029 revenue target.
- Optionality to sell equipment or project could result in lower returns than full development.
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3304739 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 1, 2026
3d ago
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Press Release
| $18.88 $18.14 | ▼ −3.92% | ▼ −3.23% | $16.63 (−11.92%) |
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May 6, 2026
29d ago
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8-K
| $18.87 $18.87 | · 0.00% | ▼ −0.83% | $16.63 (−11.87%) |
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May 6, 2026
29d ago
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8-K
| $18.87 $18.87 | · 0.00% | ▼ −0.83% | $16.63 (−11.87%) |
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Apr 22, 2026
6w ago
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Press Release
| $15.94 $15.97 | ▲ +0.19% | ▼ −0.60% | $16.63 (+4.33%) |
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Apr 15, 2026
7w ago
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DEFA14A
| $16.58 $15.75 | ▼ −5.01% | ▼ −6.22% | $16.63 (+0.30%) |
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Apr 15, 2026
7w ago
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8-K
| $16.58 $15.75 | ▼ −5.01% | ▼ −6.22% | $16.63 (+0.30%) |
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Mar 25, 2026
10w ago
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Press Release
| $18.38 $17.57 | ▼ −4.41% | ▼ −2.73% | $16.63 (−9.52%) |
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Mar 12, 2026
12w ago
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Press Release
| $17.10 $15.97 | ▼ −6.61% | ▼ −7.63% | $16.63 (−2.75%) |
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Mar 5, 2026
13w ago
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Press Release
| $19.73 $19.69 | ▼ −0.20% | ▲ +1.11% | $16.63 (−15.71%) |
US Market Status
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