The agreement between the two companies aims to develop and industrialize autonomous, high-performance electronic chip cooling solutions for the mobility and computing sectors, addressing the critical thermal requirements of electrification and artificial intelligence.

Calyos will contribute its expertise in two-phase fluid loop technology, while Valeo will provide its cutting-edge thermal systems engineering and global industrial capacity. This will enable the partners to launch a new generation of passive two-phase systems - more efficient solutions capable of managing high thermal fluxes while being more compact, easy to integrate, maintenance-free, and highly reliable.

Two objectives for Valeo and Calyos

On one hand, the partnership will deliver tangible benefits for power electronics through autonomous cooling for on-board chargers, inverters, and integrated electronic systems. The solution offers a compact, independent 'plug-and-play' cooling system. For components located at the rear of the vehicle, it enables energy savings and a major simplification of the overall vehicle thermal system architecture. For software-defined vehicles, it will provide optimal, autonomous, compact, and reliable heat dissipation for high-speed processors.

On the other hand, the goal is to 'revolutionize data center efficiency and AI scalability'. Valeo intends to leverage its decades of automotive thermal management expertise for the benefit of data centers by offering a comprehensive and scalable cooling ecosystem. The collaboration also targets the rapidly expanding data center market. The acceleration of AI is driving up data center power density and the demand for processor cooling. This creates an urgent need for better thermal efficiency to reduce global energy consumption (optimizing the Power Usage Effectiveness or PUE indicator).

AlphaValue remains unconvinced

For its part, AlphaValue confirms its view on Valeo and maintains its sell recommendation with a price target of 11.30 euros. Analysts believe the enthusiasm sparked by these announcements constitutes a market overreaction, given that the stock has gained approximately 40% over the past month.

AV naturally acknowledges that the automotive supplier possesses skills potentially transferable to these new markets (data centers, etc.), but the lack of validation from major clients and the absence of specific financial communication limit visibility.

Analysts believe that at this stage 'there is no clear evidence of how data center exposure could be monetized'. In their view, the recent re-rating of the stock is driven more by narrative momentum than by improving fundamentals, especially as Valeo, like all its peers, faces significant structural challenges.