Ideas
US power equipment upcycle lasts
US power infrastructure is in a structural upcycle: AI data centers and manufacturing reshoring have restarted electricity demand growth after a decade-long pause, while grid connection waits have stretched to 4.8 years. Power equipment backlogs now extend to 2029, and transformer/power-equipment makers such as GE Vernova, Hyundai Electric, and Hyosung Heavy Industries should remain strong through the late 2020s.
On-site power solves data-center delays
Because grid connections take about five years, data-center operators are adopting on-site generation next to facilities. Solar can be installed in 1-2 years and fuel cells in under a year, so on-site power is the fastest solution to the AI-driven electricity shortage and is worth watching as a key 2026 theme.
Bloom Energy leads SOFC data-center fuel cells
SOFC is the most promising on-site fuel-cell type for data centers. Bloom Energy has opened the market with a 1GW order from American Electric Power and subsequent partnerships/orders with Oracle, Brookfield, Quanta, and others; IRA changes permit natural gas and improve economics, and earnings are expected to grow rapidly through 2027, with estimates likely to be revised up.
Park Ji-hoon
Director, Asset Management Consulting Dept., NH Investment & Securities
8:12
ESS can trigger battery bottom
Korean secondary batteries are in the final stage of a long dark tunnel, but EV growth has stalled. ESS is his 2026 key theme and can fill that momentum gap, acting as a bottom-fishing trigger; a new ESS ETF launched this week.
US ESS recovery lifts Fluence Energy
US ESS demand is strong and project activity normalized after the July IRA amendment. Fluence Energy, a US energy-solution company, had been depressed by IRA repeal fears but rebounded over 200% in six months as delayed projects restarted, showing the recovery in US ESS.
US utility solar demand stays solid
US utility solar demand remains solid and not optional given AI and data-center power needs. After a temporary 2025 dip from IRA amendment confusion, utility solar installations should reaccelerate in 2026, and 2026 estimates may be revised higher; First Solar is the named US utility solar play.
KoAct hydrogen ETF offers focused exposure
Fuel cells are the first hydrogen power equipment to commercialize, and hydrogen turbines and engines may follow in a few years. Korean suppliers' US deliveries should keep increasing across hydrogen power equipment; the newly launched KoAct Hydrogen Power Infrastructure ETF provides focused exposure to this theme.
SMR is long-term, not near-term
SMRs are a promising long-term solution for data-center power because they can be built onsite, but the fastest US SMR projects target only 2030 and mass production may not arrive until the early-to-mid 2030s, so it is a watch item rather than a near-term order theme.
Korean battery suppliers gain from China exclusion
IRA amendments sharply tighten foreign-entity-of-concern rules, effectively excluding Chinese content from US fuel-cell, battery, solar and wind procurement. Because Korea is the main alternative, Korean suppliers should gain, and Samsung SDI and LG Energy Solution are converting many US EV battery plants to ESS, with mass production starting in the second half of next year.
Avoid EV-heavy Korean battery makers
EV tax credit repeal and weak US EV sales will create costs and potential big-bath charges for Korean battery makers with high EV revenue exposure in the first half, so this group is unattractive until those costs clear.
Favor ESS-specialized suppliers over EV battery
Since US EV demand is weakening, investors should avoid broad EV-heavy battery exposure and focus selectively on ESS-specialized equipment/materials companies or those with high ESS revenue share, which should see earlier profit recovery as ESS deliveries ramp.
Korean fuel-cell suppliers benefit from IRA
IRA changes removed the carbon-emission requirement for fuel-cell tax credits and omitted the domestic-content adder, making low-cost Korean components more attractive. Bloom Energy has already ordered parts and equipment from Korean suppliers, and Korean deliveries should expand; Doosan Fuel Cell is discussing initial US orders, though timing is uncertain.
Korean fuel-cell suppliers benefit from IRA
IRA changes removed the carbon-emission requirement for fuel-cell tax credits and omitted the domestic-content adder, making low-cost Korean components more attractive. Bloom Energy has already ordered parts and equipment from Korean suppliers, and Korean deliveries should expand; Doosan Fuel Cell is discussing initial US orders, though timing is uncertain.
This 3PRO TV (삼프로TV) video, published January 15, 2026,
features Kim Hyo-sik, Park Ji-hoon
discussing GEV, 267260.KS, 298040.KS, US on-site power generation, BE, Korean ESS theme, FLNC, FSLR, KoAct Hydrogen Power Infrastructure ETF, US SMR/nuclear power, 006400.KS, 373220.KS, EV-exposed Korean battery makers, 178320.KQ, 107640.KQ, Shinsung ST, KOSES, 336260.KS.
13 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Kim Hyo-sik,
Park Ji-hoon
· Tickers:
GEV,
267260.KS,
298040.KS,
US on-site power generation,
BE,
Korean ESS theme,
FLNC,
FSLR,
KoAct Hydrogen Power Infrastructure ETF,
US SMR/nuclear power,
006400.KS,
373220.KS,
EV-exposed Korean battery makers,
178320.KQ,
107640.KQ,
Shinsung ST,
KOSES,
336260.KS
