Powering AI The SOFC opportunity; undersupplied through 2030

Research evidence excerpt

Powering AI The SOFC opportunity; undersupplied through 2030

1 July 2026

Powering AI EquitiesMachinery

The SOFC opportunity; undersupplied through 2030 Global

◆ SOFC penetrates AIDC BTM prime power due to 3-4 month Helen Fang*

lead times, zero-NOx operation, and efficient native-DC output Head of Industrials Research, Asia Pacific

The Hongkong and Shanghai Banking Corporation Limited

helen.c.fang@hsbc.com.hk

◆ US/Korea/Taiwan/EU driving adoption; by 2030: capacity is +852 2996 6942

scaling up to 5GW+; DOE targets at USD900/kW system cost Samantha Hoh, CFA

Senior Analyst, Clean Tech

◆ We like Buy-rated Bloom (global SOFC leader) and Weichai HSBC Securities (USA) Inc.

samantha.hoh@us.hsbc.com

(gas/diesel engine; SOFC capacity ramping) +1 212 525 8783

Sean McLoughlin*

SOFC is penetrating AIDC for “behind-the-meter” prime power (ex. 2), despite high Senior Global Industrials Analyst

HSBC Bank plc

CAPEX and recurring 5-7 years’ stack replacement costs, due to: sean.mcloughlin@hsbcib.com

+44 20 7991 3464

1) shorter lead time of 3-4 months vs 1-2 years for engines, 3-5 years for turbines;

Sunny SUN*

2) clean with no NOx emission via electrochemical reactions versus combustion; Associate, Asia Industrials

3) efficient high electrical efficiency (55-65%), native direct current eliminating costly sunny.x.y.sun@hsbc.com.hk

AC-DC conversion losses. Aligning 800V HVDC architectures is a next-gen approach +852 3945 3230

that reduces USD1-2bn of BOP conversion equipment and improves token/kW. Jennifer Pan*

Associate

Beyond the US and AIDC: Ceres estimates SOFC TAM will reach 22GW by 2030. Guangzhou

Apart from 24% US market and c50% DC usage, other highlights include: 1) South