AMRC · CIK 0001488139
What Ameresco, Inc. told the SEC could break it.
Ameresco's disclosures cluster on two forms of government dependence and a China-tied supply chain. On the demand and policy side, about 61% of its 2025 revenue came from federal, state, provincial and local government entities — with the U.S. federal government its only customer above 10% — and its renewable-fuels economics lean on federal clean-fuel production tax credits under Section 45Z. On the supply side, its clean-energy inputs are concentrated and trade-exposed: battery storage capacity is limited outside China, much of its electrical equipment is imported from Canada and Mexico, it relies on significant imported steel, and tariffs, the Uyghur Forced Labor Prevention Act and foreign-entity-of-concern rules have affected the cost and availability of its batteries, solar and electrical components.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- Tariffs, UFLPA and FEOC restrictions on China-sourced clean-energy componentsmedium
Tariffs, trade restrictions and governmental measures — including foreign-entity-of-concern (FEOC) rules and the Uyghur Forced Labor Prevention Act — have affected the supply, cost and availability of products and components (batteries, solar, electrical equipment) used in Ameresco's offerings.
“tariffs, trade restrictions, and other governmental measures— including restrictions related to foreign entities of concern (“FEOC”) and the Uyghur Forced Labor Prevention Act—have affected, and may continue to affect, the supply, cost, and availability of products and components used in our offerings.”
- Dependence on IRA / Section 45Z clean-fuel production tax creditsmedium
Ameresco's renewable-fuels economics depend on U.S. federal clean-fuel production incentives under Section 45Z (extended through 2029 by the OBBBA): up to $1/gallon for liquid transportation fuels including sustainable aviation fuel, and more than $1/gallon-equivalent for renewable natural gas — exposing it to changes in this tax-credit regime.
“Producers of liquid transportation fuels, including sustainable aviation fuel, are eligible to qualify for up to $1 per gallon, while producers of renewable natural gas (“RNG”) could claim an amount exceeding $1 per gallon for significant carbon intensity reductions, with the credit amount indexed annually for inflation.”
Customer concentration
- ~61% government revenue; U.S. federal government largest customer; top 20 = 57.2%high
Approximately 61% of Ameresco's 2025 revenue came from federal, state, provincial or local government entities; the U.S. federal government is treated as a single customer and is the only customer exceeding 10% of revenue, and the largest 20 customers were 57.2% of total revenue.
“Approximately 61.0% of our revenues were derived from federal, state, provincial, or local government entities, including public housing authorities, public universities, and municipal utilities. Our federal customers include various divisions of the U.S. federal government.”
SEC filing →As of 2026
Commodity & input dependence
- BESS batteries (China-limited), imported steel, electrical equipmentmedium
Ameresco depends on key inputs with concentrated supply: battery energy storage system (BESS) supply capacity is limited outside China, a significant portion of electrical equipment is imported from Canada and Mexico, and it uses a significant amount of imported steel.
“There is limited Battery Energy Storage System (“BESS”) supply capacity outside of China and a significant portion of electrical equipment used in our offerings are imported from Canada and Mexico. We rely on a significant amount of imported steel in our products.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Southern California Edison (Edison International)
“our expectations related to our agreement with SCE and associated liquidated damages, the impact of tariffs and the impact of changes in regulation, including the Inflation Reduction Act (“IRA”)”
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