[Click e-Stock] "Amosense, Entering the Bloom Energy Era... Revaluation Expected as a Core SOFC Component Supplier"

On February 3, Hanyang Securities analyzed that Amotech is emerging as a beneficiary of the expanding global solid oxide fuel cell (SOFC) market. The firm noted that Amotech’s role as a key component supplier, particularly amid the global energy transition led by Bloom Energy, has not yet been fully reflected in its stock price.

Amotech is a materials and module specialist focused on wireless charging shielding sheets and automotive electronics modules, and was listed on the KOSDAQ market in June 2021. Junseok Lee, a researcher at Hanyang Securities, stated, “The most important core of the company’s business structure is the ceramic electrolyte substrate for SOFCs,” adding, “Ceramic substrates are crucial components that determine the performance and yield of SOFC cells, making durability, uniformity, and mass production stability essential.”

Amotech entered the ceramic electrolyte substrate market for SOFCs based on its accumulated technology and mass production experience from its existing ceramic materials business. In particular, as supply to Bloom Energy, a global SOFC leader, becomes visible starting this year, the company is seen as accelerating its expansion into the energy materials sector. Lee commented, “The company has secured a new growth axis through supply to Bloom Energy,” and projected, “Related revenue will start at approximately 10 billion KRW this year and expand to about 40 billion KRW next year.”

The restructuring of Bloom Energy’s supply chain is also working in Amotech’s favor. Until recently, Bloom Energy relied heavily on Chinese suppliers for ceramic substrates, but is now diversifying its supply chain and reducing its dependence on Chinese companies. Lee assessed, “In this process, Amotech is emerging as a key alternative supplier within the global SOFC value chain.”

The market is already rapidly reassessing SOFC value chain companies centered around Bloom Energy. Bloom Energy’s stock price has surged by more than 900% over the past two years, and related companies in Korea, such as Vinatek and Coses, have also experienced significant stock price increases. In contrast, Amotech, which is expected to begin full-scale supply of ceramic electrolyte substrates—core SOFC components—this year, has a market capitalization of around 160 billion KRW. Lee diagnosed, “Within Bloom Energy’s domestic value chain, Amotech is a SOFC beneficiary whose value has not yet been fully reflected.”

The expansion of the SOFC market is attributed to the global power bottleneck. Global data center power consumption is expected to surge to 945 TWh by 2030, but it takes five to seven years to expand transmission and distribution networks, and it is difficult to respond in the short term even with large-scale nuclear power plants or small modular reactors (SMRs). As a result, on-site SOFCs, which can provide immediate power supply near data centers, are emerging as a practical alternative.

Researcher Lee explained, “Recently, SOFCs are seeing increased demand due to short lead times of about six months to one year and the alleviation of the heavy initial installation costs seen in the past. In the environment where power is converted based on 800V DC, as mentioned by Jensen Huang, the structural advantages unique to SOFCs are also coming to the fore.” In this trend, Bloom Energy has secured global references such as Oracle and AEP, and plans to expand its production capacity from 2 GW in 2026 to more than 10 GW by 2030.

Amotech is expected to benefit structurally as a supplier of ceramic electrolyte substrates, a core SOFC component, in this growth phase. The company currently has a production capacity of about 200,000 units per month and plans to expand this to over 600,000 units per month through capacity expansion in the third quarter. Lee stated, “Starting this year, the company will generate annual ceramic electrolyte substrate sales of over 10 billion KRW,” and estimated, “For 2026, revenue will reach 142.8 billion KRW and operating profit will be 11 billion KRW.”

This content was produced with the assistance of AI translation services.