APAC Technology "Computex 2026 data center power: Pathway to 800 VDC " Abrams

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APAC Technology "Computex 2026 data center power: Pathway to 800 VDC " Abrams

renewables, as solar and wind sources can be directly fed into the 800VDC architecture

via battery energy storage systems (BESS). Against this backdrop, Delta was also

showcasing its 2.5MW SST, now shipping to a China CSP, alongside an engineering

sample targeting 6–10MW for the US market next year, although safety and regulatory

requirements are likely to push broader ramp into 2028–29. The company expects

content to increase versus traditional power racks, driven by higher system complexity,

integration of SiC components, and more stringent safety standards required for US

deployments. In parallel, Delta also showcased its Ceres-based solid oxide fuel cells

(SOFC), which operate at ~600°C versus ~900–1,000°C for conventional designs,

offering a 15-year system life and 5-year cell life, with initial deployment expected from

southern Taiwan by end-2026, followed by a 30–50MW phase-one ramp in northern

Taiwan by mid-2027 and long-term capacity that could scale beyond 1GW. At an

estimated US$3,000–3,500 per GW, this implies a potential US$3–3.5bn revenue

opportunity over time.

Outlook for Delta Electronics - staying constructive on upcoming power

upgrades

We still view Delta as well positioned in AI power & cooling for strong growth with GMs

near recent highs. We project 62% CAGR for Delta's power supply opportunity into

NVIDIA's racks through 2029 with ASICs potentially growing even faster from a lower

base and potential upside in 2028-29 if SST and Fuel cells incrementally pull in content

from the transformer and as an energy source alternative to the grid. We would still

monitor if Vertiv's concept for facility level power center and power block takes hold and