Electrical Equipment: Delta Electronics SST MOU with X Labs; electricals implications

Research evidence excerpt

Electrical Equipment: Delta Electronics SST MOU with X Labs; electricals implications

Equity Research

14 July 2026

Electrical Equipment

Delta Electronics SST MOU with X

Labs; electricals implications Industry Update

Delta & X Labs collaboration targets the expected deployment LEGD.PA/LR FP OVERWEIGHT

of 100MW of Solid-State Transformers (1GW eventually), the European Capital Goods NEUTRAL

first notable commercial framework for SSTs. Timeline Price Target EUR 185.00

Price (13-Jul-26) EUR 139.25

appears post-2030, perhaps clearest indication yet that Potential Upside/Downside +32.9%

800VDC keeps AC power train for longer; +ve LR & SU Source: Bloomberg, Barclays Research

ABBN.S/ABBN SW EQUAL WEIGHT

Delta Electronics (not covered) today announced an MOU with X LABS (private) covering European Capital Goods NEUTRAL

the deployment of 100MW of Solid-State Transformer (SST) technology as part of AI- Price Target CHF 76.00

focused energy parks, with ambitions ultimately scaling to GW-level capacity. While the Price (13-Jul-26) CHF 83.82

announcement is notable as the first publicly disclosed commercial-scale deployment Potential Upside/Downside -9.3%

framework for Delta's SST technology, we believe it also provides an important reality Source: Bloomberg, Barclays Research

check on commercialisation timelines: meaningful SST adoption appears likely to remain a

post-2030 opportunity, while the industry's transition to 800VDC architectures looks set to SCHN.PA/SU FP OVERWEIGHT

occur well before SSTs become mainstream. For now, it seems 800VDC deployments will European Capital Goods NEUTRAL

favour "side-car" technology for longer, enhancing prospects for LR and SU in our view. Price Target EUR 350.00

See more on this in our recent upgrade of LR. Price (13-Jul-26) EUR 268.55