Guosen Securities has released a research report, suggesting attention to opportunities in the supply chain arising from the release of SOFC (Solid Oxide Fuel Cell) on-site power generation demand under North American AI data center power constraints.

Overseas, Bloom Energy has taken the lead in validating GW-level orders and possesses integrated capabilities in "product + delivery + operation & maintenance + financing." Domestically, it is recommended to focus on companies laying out complete system solutions, as well as component companies already involved in or likely to benefit from the scaling up of the BE supply chain. The main views of Guosen Securities are as follows:

SOFC Progressing Towards Primary Power for AIDC

SOFC is a fully solid-state power generation device that directly converts the chemical energy of fuel (such as hydrogen, natural gas) and air into electrical and thermal energy through electrochemical reactions at high temperatures. Early SOFC market demand was primarily driven by residential CHP, commercial buildings, and industrial distributed power. However, with the rapid increase in AI data center power density, prolonged grid connection queuing cycles, and delays in gas turbine deliveries, the value proposition of SOFC has evolved from "high-efficiency clean power" to "rapidly deployable, stable power supply, off-grid deployable primary power for AIDC."

Mismatch Between Computing Power Construction and Grid Expansion Timelines

According to BlackRock estimates, the U.S. will need to add approximately 148GW of new power generation capacity by 2030 to meet data center demand. AI data centers in the U.S. can be built and operational in as little as 8 months, with a full construction cycle of about 18-24 months. However, the complete construction cycle for U.S. substations and transmission lines can take 5-13 years, with projects in the PJM region averaging over 7 years to connect to the grid. SOFC enables modular deployment, capable of providing extremely fast delivery times, such as 50MW within 90 days or 100MW within 120 days.

SOFC Highly Compatible with AIDC Application Scenarios

SOFC can directly output 800V direct current, physically eliminating the AC conversion stage required for grid connection or gas turbine generation. This improves power conversion efficiency while saving on capital expenditure for power distribution and conversion equipment, and also eliminates redundant configurations like UPS and backup diesel generators. SOFC pure power generation efficiency reaches 65%, with combined heat and power efficiency reaching 85%-95%, far exceeding traditional gas turbines. It also operates with zero water consumption and almost no nitrogen oxide emissions. SOFC employs a modular design, requiring only 109% of capacity to achieve 99.9% power supply reliability, further reducing project investment.

SOFC Market Reaching Inflection Point from Demonstration to Scale-up

According to Fortune Business Insights estimates, the global SOFC market size in 2025 is approximately $3.78 billion, with data centers being the second-largest application field, accounting for about 40%. Overseas AI data center power shortages and distributed power generation needs are driving rapid expansion of the SOFC market. It is estimated that new data center SOFC installations will reach 16GW by 2030, with the market size potentially exceeding $41.5 billion (over RMB 280 billion), representing a CAGR of approximately 94% from 2025 to 2030.

Bloom Energy and Brookfield Expand AI Financing Cooperation Framework

On June 30, Bloom Energy and Brookfield announced an expansion of their financing framework for AI infrastructure power projects from the previous $5 billion to $25 billion. The additional funds will be used to expand cooperation in the global fuel cell sector. As a global SOFC leader, Bloom Energy has already completed the leap from hundred-megawatt-scale demonstrations to locking in GW-level orders. By the end of 2025, its total backlog was approximately $20 billion, including about $6 billion in product orders (corresponding to roughly 2GW of SOFC projects) and about $14 billion in service orders. In April 2026, Bloom Energy expanded its cooperation with Oracle, increasing the procurement scale to up to 2.8GW, with 1.2GW already contracted and deployment initiated. Coupled with AEP formally exercising its 900MW option, this signifies that SOFC has evolved from a "supplementary power source" to a primary power candidate and even a standard solution in AI data center scenarios.

Risk Warnings

Potential risks include AI data center power demand falling short of expectations; SOFC order fulfillment falling short of expectations; Bloom Energy capacity ramp-up falling short of expectations; and SOFC system cost reductions falling short of expectations.