[Click eStock] "Esprism to Benefit from Growing Fuel Cell Demand in AI Data Centers"

On May 8, independent research firm ValueFinder evaluated Esprism (formerly S-Fuelcell) as a company highly likely to benefit from increased fuel cell demand driven by the expansion of AI Data Centers (AIDC). While global fuel cell company Bloom Energy's growth is drawing attention in the market, ValueFinder noted that Esprism remains a leading but underrecognized player in Korea specializing in PEMFC (Proton Exchange Membrane Fuel Cell) technology.

ValueFinder diagnosed that Esprism, leveraging more than 25 years of accumulated fuel cell technology and its competitive distributed power solutions, is highly likely to be re-evaluated as the on-site power market for AI data centers expands in the future. The firm highlighted the excellent load-following capability of PEMFC-based systems as a core competitive edge, particularly suited to AI data center environments.

Amid rising volatility in the global energy market due to prolonged geopolitical risks in the Middle East, power demand from AI data centers is increasing rapidly. The International Energy Agency (IEA) projects that global data center power demand will more than double by 2030 compared to current levels.

AI data centers require much higher power density than traditional data centers. While standard data centers consume about 5 to 10 kW per rack, Nvidia H100-based systems use approximately 40 kW per rack, and next-generation Blackwell-based equipment can consume up to 120 kW per rack. As a result, stable operations are becoming difficult with the existing power grid alone, making on-site power generation within data centers a key alternative solution.

This shift is also evident in the performance of global fuel cell company Bloom Energy. In the first quarter of this year, Bloom Energy posted revenue of around USD 751.1 million, representing over 130% growth year-on-year, and raised its annual revenue guidance. Its order backlog also surged from USD 12 billion in 2024 to USD 20 billion last year. ValueFinder assessed this as evidence that the fuel cell industry is transitioning from mere expectations to becoming a real demand-driven industry.

Esprism is Korea's first-generation hydrogen fuel cell company, having operated in the fuel cell business since 2001. The company has a track record of developing Korea's first 1kW-class residential fuel cell stack, the first 5kW-class hydrogen power system, and being the first Korean fuel cell company to go public on KOSDAQ.

Currently, Esprism supplies customized fuel cell systems for a variety of sectors including building, power generation, and transportation. It has the capability to independently design and integrate fuel cell stacks, hydrogen extractors, and power conversion systems. As of now, the company has supplied over 16 MW of building-type systems and has also secured 200 kW-class power generation systems. Recently, Esprism has been focusing on its on-site power strategy with its 5kW-class PEMFC-based power pack.

PEMFC-based systems, in particular, are evaluated as having significant advantages in AI data center environments. They can operate at ambient temperatures and adjust output within minutes, making them well-suited to respond to rapid power load fluctuations resulting from GPU cluster expansion or changes in AI workloads.

Additionally, the ability to configure 1 to 10 kW-class PEMFC power packs in parallel allows for customized design by rack or zone within data centers. This is a distinguishing feature compared to SOFC (Solid Oxide Fuel Cell) systems, which are structurally geared toward large-scale, monolithic facilities.

Esprism is currently working on standardizing its 5kW model and unifying its modules based on its green hydrogen GFOS (Grid-Free On-Site) platform. The company plans to establish a mass production system capable of producing 200,000 units annually by 2029. The system is also designed to allow for parallel expansion of modules, enabling output to be scaled up to 1 MW.

Lee Chungheon, a researcher at ValueFinder, commented, "Bloom Energy's explosive increase in orders and strong share price are clear signals that the fuel cell market for AI data centers is entering a phase of actual demand." He added, "As on-site power infrastructure demand grows with the expansion of AI data centers, Esprism is likely to undergo a significant revaluation."

He further stated, "Esprism's PEMFC fuel cells offer faster start-up and superior load-following capability compared to SOFCs, making them well-suited to the rapidly changing power needs of AI data center environments. With commercialization verification underway, it will be important to monitor future performance."

Esprism is emerging as a key beneficiary of the on-site fuel cell market expansion, leveraging its PEMFC-based technology and AI data center-tailored power response capabilities.

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