A map of the adjacencies

Six theses, eight observatories, ten candidate stars.

Capabilities orbit the perimeter. Theses cluster by adjacency. Targets sit beyond. Click any star to open its dossier; hover to trace its lines.

Filter 25 Apr 2026 · 14:32 UTC-4

Reading the map

Thesis · the named stars

Capability · observatories

Target · candidate

EV-CHG · t1 · selected

The depot is the moat.

A dossier slides from the right. The map remains visible — we always know where the star sits among the others.

EV-CHG · t1

EV fleet charging infrastructure

Active Inorganic (M&A) Now · 0–12 mo

The depot footprint, the dealer channel, and SiC inverter capacity at Reno give a defensible right-to-play. Voltaira's rumored re-rating closes a 30-day window; advance to LOI within the window or accept double the price.

Identity

Right-to-play: 0.82
Conviction: 0.78
TAM: $74B by 2030
Capital: $0.9B – $1.4B
Owner: M. Cheng
Reviewed: Apr 18, 2026

Observatories cited

c3Fleet logistics network1,400 depots NA+EU0.84

c5Commercial dealer channelTier-1 fleet buyers0.88

c8Power electronics fabSiC inverters · Reno0.78

Candidate stars

AVoltaira NetworksAustin TX · DC fast-charge + telematics SDK$410M

BNorthwind ChargingCalgary CA · depot CPO, 11k stalls$330M

BSwitchback PowerDenver CO · mid-power chargers$305M

BReCharge SystemsLyon FR · Class-6/7 retrofit kits$210M

What would change our mind

Two or more of Voltaira's top-five fleet contracts containing change-of-control termination rights. Cannibalization model finding dealer GP exposure greater than 80 basis points. NEVI round-four pull-forward of states outside our depot map.

By horizon · time as a filter

What we are doing now, next, and later.

Same map, faded by horizon. The Now stars are the ones with closing windows. The Later stars are the ones that need watching, not capital.

Show horizon

2 stars Now · 2 Next · 2 Later