Google and Amazon Named as Major Customers of Modine Manufacturing Co.

Modine Manufacturing Co., the company behind the $4 billion cooling agreement, has seen its shares rise significantly after an investigative report identified Google and Amazon as two of its major customers.

The report from Hunterbrook Media found that Google is behind Modine's previously unnamed customer for a $4 billion cooling deal. The arrangement commits Modine to set aside capacity for over $4 billion worth of Airedale chillers through 2029. Additionally, the database points to another layer of business with Google, which could amount to around $4.5 billion in opportunities, with about $433 million already converted into bookings.

Modine's pipeline is estimated at close to $23 billion, with Amazon's cloud division alone accounting for over half that sum. The report also suggests that Modine's upcoming results may exceed its own guidance, with an implied $540 million in revenue for the fiscal quarter closing in September, roughly a fifth higher than what Modine has guided to.

While the numbers are impressive, they come with real execution risk, as the database shows Modine working through supplier shortages and engineering constraints as it scales up production.