Guosen: SOFC highly compatible with AIDC application scenarios. The on-site power industry enters an accelerated period.

Guosen released a research report stating that the release of demand for on-site power supply by SOFC due to power bottlenecks in North American AI data centers brings opportunities to the industry chain. Overseas, Bloom Energy has already completed GW-level order verification and has integrated capabilities in "product+delivery+operation+financing". In China, it is recommended to pay attention to companies that are laying out complete machine systems, as well as component companies that have entered or are expected to benefit from increased demand in the BE supply chain. Guosen's main points are as follows: SOFC moving towards mainstream power supply for AIDC SOFC (Solid Oxide Fuel Cell) is a solid-state power generation device that directly converts the chemical energy of fuel (such as hydrogen, natural gas, etc.) and air into electrical energy and heat through electrochemical reactions at high temperatures. In the early stages, the demand for SOFC was mainly contributed by residential CHP, commercial buildings, and industrial distributed power sources, but with the rapid increase in load density of AI data centers, lengthening of grid connection queue periods, and delays in delivery of gas engines, the value positioning of SOFC has upgraded from "high-efficiency clean power generation" to "AIDC mainstream power supply for rapid deployment, stable power supply, and off-grid deployment". Mismatch between algorithm construction and grid expansion timelines According to BlackRock's calculations, by 2030, the US will need to add approximately 148 GW of generating capacity to meet the demands of data centers. US AI data centers can be built and put into operation in as fast as 8 months, with a complete construction period of approximately 18-24 months; however, the complete construction period of US substations and transmission lines can be as long as 5-13 years, with PJM region projects taking an average of over 7 years to connect to the grid. SOFC can be deployed modularly, providing rapid delivery of 50MW in 90 days and 100MW in 120 days. SOFC highly suitable for AIDC application scenarios SOFC can directly output 800V DC power, eliminating the need for AC conversion that is required when connecting to grid or when using gas turbines for power generation. This increases power conversion efficiency while saving capital expenditure on distribution and power conversion equipment, and eliminates the need for redundant configurations such as UPS and standby diesel generators. SOFC has a pure power generation efficiency of 65%, with a comprehensive efficiency of cogeneration reaching 85%-95%, surpassing traditional gas turbines. SOFC operates with zero water consumption and nearly no nitrogen oxide emissions. With a modular design, SOFC only needs 109% capacity to achieve a 99.9% power supply reliability, further reducing project investments. SOFC market has reached a critical point of transition from "demonstration verification" to "scale-up" According to Fortune Business Insights, the global SOFC market is estimated to be approximately $3.78 billion by 2025, with data centers as the second largest application area, accounting for about 40%. The rapid expansion of the SOFC market is driven by the power shortage and distributed power demand in overseas AI data centers. It is predicted that by 2030, an additional installation of 16GW of SOFC in data centers will bring the market size to over $41.5 billion (equivalent to over RMB 280 billion), with a CAGR of approximately 94% from 2025 to 2030. Bloom Energy expands AI financing cooperation framework with Brookfield On June 30th, Bloom Energy and Brookfield announced an increase in the financing framework for AI infrastructure power projects from the previous $5 billion to $25 billion, with the additional funds being used for expanding cooperation in the global fuel cell field. As a global leader in SOFC, Bloom Energy has successfully transitioned from demonstration orders in the hundred-megawatt range to locking in orders in the GW range; by the end of 2025, they have total orders of approximately $20 billion, with product orders of about $6 billion (corresponding to about 2GW of SOFC projects) and service orders of about $14 billion. In April 2026, Bloom Energy expanded its cooperation with Oracle, increasing procurement to a maximum of 2.8GW, with 1.2GW already contracted and deployment underway, in addition to AEP officially exercising 900MW options. This signals that SOFC has advanced in the AI data center scene from being a backup power source to a main power source candidate and even a standard solution. Risk warning: AI data center power demand falls short of expectations; SOFC order fulfillment falls short of expectations; Bloom Energy's production capacity ramp-up falls short of expectations; SOFC system cost reduction falls short of expectations.