Rented Fleets Are Winning the Infrastructure Buildout as Mega Projects Multiply

American News Group News Commentary

BOCA RATON, Fla., Sept. 11, 2026 /PRNewswire/ --  There is a quiet argument running underneath the current industrial buildout about who should own the equipment. On one side sits the traditional answer: a project needs an asset, so the project buys the asset, installs it, and depreciates it over its life. On the other sits a model that has been steadily taking share for two decades, in which the asset belongs to a fleet, arrives when it is needed, earns while it is useful, and leaves when it is not. Across equipment rental, modular space and transportation leasing, the fleet side of that argument has been winning, and the numbers reported this summer show why.

Active Companies from around the markets with current developments this week include: NOMAD Power Solutions, Inc. (Nasdaq: NMAD), Herc Holdings Inc. (NYSE: HRI), WillScot Holdings Corporation (Nasdaq: WSC), GATX Corporation (NYSE: GATX), and McGrath RentCorp (Nasdaq: MGRC).

The economics of a redeployable asset are different from the economics of a fixed one, and the difference is not primarily about cost. It is about what happens when the need ends. A fixed installation is underwritten against a single site for its entire life, which means the owner is exposed to that site's demand for twenty or thirty years. If the requirement changes, shrinks, or is solved another way, the asset does not follow. It sits there, and its remaining value is whatever a buyer will pay for something that cannot be moved.

A fleet asset carries a different risk profile because it carries a different set of options. It can be repositioned when local demand falls, re-leased at a rate set by current market conditions rather than by a contract signed years earlier, and sold into a secondary market where buyers are bidding for the asset itself rather than for a location. Those three options are what allow a fleet operator to earn returns on an asset base rather than on a project, and they are why utilization, renewal rates and disposition gains are the metrics that matter in these businesses instead of construction budgets.

What has made this more than a financing preference is the shape of current demand. The industrial and infrastructure buildout is concentrated in large, discrete projects with defined durations. Mega projects need enormous quantities of equipment for a defined period and then need considerably less. That is precisely the demand profile a fleet serves better than an owner does, and it is why the operators described below have spent 2026 raising guidance and expanding fleet capital expenditure rather than trimming it.

The open question is how far the logic travels. Modular buildings, aerial platforms, railcars and test equipment are all established fleet categories with decades of leasing history, standardized documentation and liquid secondary markets. Electrical capacity is not, at least not yet. Whether grid-scale power can be owned and financed the way a fleet of railcars is owned and financed is an unresolved question, and it is the question a small group of companies is now attempting to answer in practice.

NOMAD Power Solutions, Inc. (Nasdaq: NMAD) Applies a Fleet Model to Grid-Scale Storage

• Builds mobile, utility-grade, truck-transportable battery energy storage systems deployed on semi-trailers.
• Reaches customers through equipment sales, rentals and Energy-as-a-Service arrangements rather than through fixed installation alone.
• Serves utilities, industrial operators, government agencies and critical infrastructure providers, alongside data center and cloud infrastructure customers.
• Holds an issued United States patent covering utility-scale lithium-ion battery transporters, with applications pending on mobile storage systems and docking stations.
• Reached its present form through a merger completed July 2, 2026; began trading under the symbol NMAD on July 6, 2026.

NOMAD Power Solutions, Inc. (Nasdaq: NMAD) is an energy infrastructure equipment and services platform headquartered in Boca Raton, Florida. It introduced a mobile, utility-grade, truck-transportable battery energy storage system, with platforms deployed on semi-trailers and delivered to customers through equipment sales, rentals and Energy-as-a-Service offerings. The Company reached its present form when LIXTE Biotechnology Holdings, Inc. completed a merger with NOMAD Transportable Power Systems, Inc. on July 2, 2026 and adopted the NOMAD Power Solutions name, as described in its July 2026 announcement. Shares ceased trading under LIXT on July 2, 2026 and began trading under NMAD on July 6, 2026.

That transaction expanded the Company's operations and strategic focus into energy infrastructure, which is now its primary focus. It does not represent a complete departure from the Company's biotechnology roots, and the legacy oncology and medical technology assets continue to be maintained and advanced while strategic opportunities for that portfolio are evaluated.

What distinguishes the approach from conventional storage is not the chemistry inside the container but the ownership model around it. A conventional grid-scale battery installation is a fixed asset, permitted, interconnected and commissioned at one location, and financed against the value it can produce at that location over its life. A transportable system is designed to be moved. It can serve a constraint that is seasonal, temporary or scheduled to be resolved by a permanent upgrade already in progress, and then be relocated rather than written down.

Stated in the language of the businesses described elsewhere in this article, the proposition is that a battery can be a fleet asset rather than a project asset. If that holds, then the metrics that govern its economics are the fleet metrics, meaning utilization across a portfolio of deployments, the rate achieved on each redeployment, and the residual value of the unit in a secondary market. If it does not hold, the asset is a container that has to earn its return at whichever site it happens to be sitting on.

The delivery model reflects that framing. Offering equipment through sales, rentals and Energy-as-a-Service means a customer can take the asset onto its own balance sheet, rent it for a defined period, or buy the output without owning anything, which are three different answers to the same question about who should carry the equipment risk. Fleet businesses in other categories have generally found that the rental and service answers grow faster than the sales answer over time, though that pattern is not a guarantee in a category this new.

There are several risks associated with the Company's plans.

The fleet model described in this article is well established in equipment rental, modular space and transportation leasing. It is not established in grid-scale energy storage, and there is no assurance it will prove workable in that category. The businesses referenced here operate in markets with decades of leasing history, standardized contract documentation, mature secondary markets and predictable residual values. None of those conditions currently exists for transportable battery systems, and building them takes years. NOMAD Power Solutions reached its present form through a merger completed July 2, 2026 and has a correspondingly short operating history in energy infrastructure. The merger consideration included preferred stock convertible into approximately 50,366,070 common shares subject to stockholder approval, representing substantial potential dilution to existing holders. Assembling a fleet is capital intensive and would require financing that has not been secured; fleet businesses of the kind described here are typically funded with asset-backed capital that depends on exactly the residual value and utilization history a new category does not yet have. Mobility reduces exposure to the fixed-installation interconnection queue but does not eliminate permitting, transport, fire, environmental or utility operating requirements, and any docking arrangement into a distribution network requires utility approval that is not assured. Battery assets degrade with cycling in a way that railcars and modular buildings do not, which affects residual value assumptions. Readers should review the Company's filings with the Securities and Exchange Commission at www.sec.gov in full.

Read this and more news for NOMAD Power Solutions, Inc. (Nasdaq: NMAD) at: https://americannewsgroup.com

Across the established fleet businesses, the same economics are visible in this year's results:

Herc Holdings Inc. (NYSE: HRI) shows what the fleet model produces when demand concentrates in large projects. The company rents construction and industrial equipment across North America and has spent the year integrating a major acquisition into its fleet.

For the second quarter of 2026, reported July 28, 2026, the company posted equipment rental revenue of $1,072 million, up 23%, and total revenues of $1,204 million, up 20%, with adjusted EBITDA of $487 million, an increase of 18.8%. Dollar utilization improved 100 basis points to 39.3%, and the total fleet stood at approximately $9.6 billion at original equipment cost with an average age of 46 months. Full-year guidance was raised. The results were filed with the Securities and Exchange Commission on Form 8-K.

Two of those figures describe the model rather than the quarter. Dollar utilization measures how much revenue the fleet earns against what it cost, which is the central efficiency metric in any rental business and has no equivalent in a fixed installation. Average fleet age of 46 months, held flat while the fleet grew 20%, indicates capital being recycled rather than accumulated. Both are the disciplines a fleet operator lives by, and both would apply directly to a fleet of anything else.

WillScot Holdings Corporation (Nasdaq: WSC) operates the purest version of the argument, leasing modular space and portable storage units that are delivered, installed, used for a defined period and then recovered and redeployed.

For the second quarter of 2026 the company reported total revenues of $612.2 million, up 3.9%, with leasing revenue up 1.5% and delivery and installation revenue up 25.3% on increased sitework for large complex projects. Net income was $47.0 million and adjusted EBITDA $228 million at a 37.2% margin. The company raised its 2026 outlook to approximately $2.3 billion of revenue and $920 million of adjusted EBITDA, and lifted net capital expenditure guidance to $375 million to fund fleet growth for large projects into early 2027. Detail appears in its quarterly report on Form 10-Q.

The composition is the interesting part. Delivery and installation revenue grew far faster than leasing revenue, which tells you the fleet is moving more, not simply sitting on longer contracts. Movement is a cost in a rental business, and a company choosing to raise capital expenditure to fund more of it is expressing a view that redeployment is where the returns are. That is the same bet, in a different asset class, that a transportable power business is making.

GATX Corporation (NYSE: GATX) demonstrates the model at its most mature. The company leases railcars, aircraft spare engines and tank containers worldwide, assets with lives measured in decades and secondary markets deep enough to price them continuously.

In second quarter 2026 results reported July 30, 2026, the company recorded net income of $103.4 million, or $2.84 per diluted share, against $2.06 a year earlier, and raised full-year guidance to a range of $9.90 to $10.30 per diluted share. Rail North America fleet utilization was 98.0% at quarter end, the renewal lease rate change of the company's Lease Price Index was 16.8% with an average renewal term of 54 months, and the renewal success rate was 82.6%. Gains on asset dispositions were $67.7 million in the quarter and $117.5 million year to date.

Those disposition gains are the clearest illustration in this article of what redeployability is worth. A company that can sell assets into a strong secondary market at a gain, while keeping utilization at 98%, is being paid twice for owning something moveable: once by the lessee and again by the buyer. Chief Executive Robert C. Lyons described demand for railcars in the secondary market as very strong, with interest from a broad and deep buyer universe. A fixed installation has no equivalent option, and that difference is the entire case for fleet ownership.

McGrath RentCorp (Nasdaq: MGRC) provides the most useful contrast, because its most recent quarter separates the rental business from the equipment-sales business and shows them moving in opposite directions.

For the second quarter of 2026, announced July 29, 2026, rental operations revenues increased 6% to $172.5 million while sales revenues fell 34% to $46.4 million, producing total revenues of $221.1 million, a decline of 6%. Net income was $33.7 million, or $1.37 per diluted share, against $1.46 a year earlier, and adjusted EBITDA declined 4% to $82.8 million. The company maintained full-year guidance while raising gross rental equipment capital expenditure plans to a range of $200 million to $220 million. Results were filed on Form 8-K.

It was a mixed quarter and should be read as one, with total revenue and earnings both down on weaker equipment sales and project delays. What makes it instructive is the split. The rental side grew while the sales side fell by a third, and within rental, the TRS-RenTelco electronic test equipment business grew rental revenue 17% on demand from data centers, aerospace, defense and semiconductors. Selling equipment is a transaction. Renting it is an annuity against an asset the owner keeps, and in a quarter where the transaction business fell away, the annuity held. Management responded by raising rental fleet capital expenditure rather than cutting it.

Read together, the four describe a model with well-understood mechanics: utilization, renewal, redeployment and residual value. None of that establishes that grid-scale storage can be run the same way. It does establish what would have to be true for it to work, which is a more useful starting point for evaluating the attempt than any forecast.

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Article Sources:

[1] NOMAD Power Solutions, Inc. corporate disclosures and filings, available on EDGAR at www.sec.gov. United States Patent and Trademark Office records.

[2] Public disclosures, filings and reported results of the referenced companies (Herc Holdings Inc., WillScot Holdings Corporation, GATX Corporation and McGrath RentCorp) as cited in the body of this article.

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Cautionary Note Regarding the Fleet Model Comparison. The comparison drawn in this article between transportable energy storage and established fleet-leasing businesses is an analytical framing by the publisher. It is not a statement that the profiled company operates, or will operate, on comparable economics, and no such equivalence should be inferred. Equipment rental, modular space and transportation leasing are mature categories supported by decades of operating history, standardized contract documentation, established residual value data and liquid secondary markets. None of those conditions is established for transportable battery energy storage systems. Utilization rates, lease renewal rates, disposition gains and residual values reported by the referenced companies relate to their own asset classes and are not indicative of what any energy storage asset would achieve. Battery assets degrade with use in ways that the assets described in those businesses do not. Product descriptions, deployment characteristics, redeployment capability, customer categories and delivery models referenced for the profiled company are as described by the Company and have not been independently verified by the publisher. Statements regarding permitting describe general characteristics of fixed versus mobile deployment; mobility does not eliminate permitting, transport, fire, environmental, or utility operating and interconnection requirements, and any connection into a distribution network requires a utility-approved arrangement. Patent numbers referenced are drawn from public United States Patent and Trademark Office records; the scope of any claim, freedom to operate, and any conclusion regarding exclusivity are legal questions that require counsel and are not addressed here.

Cautionary Note Regarding the Merger and Capital Structure. NOMAD Power Solutions, Inc. reached its present form through a merger with NOMAD Transportable Power Systems, Inc. completed on July 2, 2026 by LIXTE Biotechnology Holdings, Inc., following which the Company changed its name effective July 3, 2026 and its trading symbol to NMAD effective July 6, 2026; shares ceased trading under the symbol LIXT at the close of market on July 2, 2026. The merger consideration included 2,992,041 shares of common stock and shares of newly authorized Series D preferred stock convertible into approximately 50,366,070 shares of common stock following receipt of stockholder approval, representing substantial potential dilution to existing holders. The Company's operating history in energy infrastructure dates from that transaction. The Company has expanded its operations and strategic focus into energy infrastructure, which is now its primary focus; this does not represent a complete departure from the Company's biotechnology roots, and the Company continues to maintain and advance its legacy oncology and medical technology assets while evaluating strategic opportunities for that portfolio. Readers should review the Company's filings with the Securities and Exchange Commission at www.sec.gov, including its periodic reports and the current reports describing the merger, in full.

Cautionary Note Regarding Referenced Companies. References to Herc Holdings Inc., WillScot Holdings Corporation, GATX Corporation and McGrath RentCorp are provided solely as market and business-model context. None of them is a peer, competitor, or financial comparable of the profiled company. They operate in different industries, lease different asset classes to different customers, and are substantially larger, established, revenue-generating businesses with fleet scale, financing capacity and operating history that the profiled company does not possess. Their revenues, utilization rates, lease rates, disposition gains, guidance and share performance are not indicative of the profiled company's prospects, and none of them operates in energy storage. Reported results attributed to those companies were mixed in the period described, including declines in total revenue and earnings at one of them, and are reproduced as reported. None of the companies named has any involvement in the profiled company, this article, or its distribution, and no partnership, affiliation, sponsorship, or endorsement is implied.

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Cautionary Note Regarding Forward-Looking Statements. This publication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the deployment, redeployment and commercialization of mobile battery energy storage systems, the applicability of fleet-leasing economics to energy storage, customer adoption across sales, rental and Energy-as-a-Service models, capital and financing requirements, the treatment of the Company's legacy assets, and management's plans and objectives. Such statements are generally identified by words such as "plan", "project", "expect", "intend", "anticipate", "believe", "estimate", "designed to", "may", "could", "should" or "will". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual circumstances, events, or results to differ materially, including technical, engineering, manufacturing, supply chain, permitting, interconnection, regulatory, financing, dilution, residual value, competitive, listing and market risks, and other risks identified in the Company's filings with the Securities and Exchange Commission at www.sec.gov. Do not place undue reliance on such statements. The forward-looking statements in this publication are made as of the date above and American News Group undertakes no obligation to update them.

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