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COMPANY RESEARCH / 8996.TW

Kaori Heat Treatment

NVL72-class rack manifolds, CDUs and rear-door coils

Published by FyncaResearch checked How we research

Where it fits in an AI server rack

Its wholly owned subsidiary Kaori Thermal Technology markets MGX rack manifolds “compliant with NVIDIA NVL72 reference design” (delivered with quick-connect and hose components) and Vera Rubin NVL72 rack manifolds, a 4U in-rack CDU with hot-swappable pumps, in-row CDUs, sidecars and rear-door heat exchangers. Net sales were NT$3,423 million in 1Q2026, up from NT$1,014 million a year earlier.

What the evidence establishes

AI-rack evidence

Positioning: Kaori Thermal’s product pages describe NVL72-compliant rack manifolds and in-rack CDUs; no customer is named.

An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.

Component roleNVL72-class rack manifolds, CDUs and rear-door coils
EvidencePositioning: Kaori Thermal’s product pages describe NVL72-compliant rack manifolds and in-rack CDUs; no customer is named.
How we knowPositioning A dedicated AI-server or AI-data-center product or reference design, with no named customer. Marketed for AI racks; not a disclosed design win.
Primary sourceKaori Heat Treatment — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

No customer or program is named, and liquid-cooling revenue is not separated from heat exchangers and hydrogen products. Compliance with a reference design is not a supply award.

Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Rack manifolds

Vertical supply and return pipes at the back of the rack that distribute cool liquid to every tray and collect the warm liquid.

Scope of the company links: Kaori Thermal’s MGX and Vera Rubin rack manifolds are marketed as compliant with NVIDIA’s NVL72 reference designs, and nVent’s manifolds are part of the GB200 NVL72 reference architecture it defined with NVIDIA. Auras (rack, AI and internal manifolds), AVC (manifold systems), Envicool, Delta, Motivair by Schneider Electric (in-rack manifolds), CoolIT (Ecolab), JetCool (Flex), Nidec (coolant distribution manifolds) and Forcecon (catalog) also document manifolds. NVIDIA’s GB200 NVL72 design uses a blind-mate liquid-cooling manifold (NVIDIA, Oct 2024); which supplier builds it for a given rack is not disclosed. Eaton (Boyd Thermal), Supermicro and Luxshare also list rack manifolds for liquid-cooled AI racks.

Hoses & fittings

Flexible hoses and fittings that route coolant inside each tray and from the manifolds, rated for years of pressure and temperature cycles.

Scope of the company links: Parker showed its coolant hoses inside a liquid-cooled rack at its May 2024 investor day; Motivair by Schneider Electric sells hose kits; Delta lists plumbing in its liquid-cooling solution; Kaori Thermal ships rack manifolds assembled with hose and quick-connect components; Envicool’s Coolinside line includes piping. Hose and fitting suppliers inside specific NVL72 trays are not disclosed, and hose-material makers are not mapped. Supermicro sells hose kits with its rack liquid-cooling system.

Coolant distribution unit

Pumps, a heat exchanger, filters and controls that circulate the rack’s clean coolant and pass its heat to the building’s water loop.

Scope of the company links: In-rack CDUs like the illustrated one sit at the bottom of the rack: Kaori (4U in-rack CDU), Auras, SUNON (in-rack RPU/CDU, mass-production ready in 1H 2026), JetCool (Flex; SmartSense rack-mounted CDU), Envicool (rack CDU validated by Intel) and Forcecon (80 kW, catalog). Row- and facility-scale CDUs serve many racks: nVent (in its GB200 NVL72 reference architecture with NVIDIA), Delta (40–144 kW liquid-to-air; 1.5 MW liquid-to-liquid), Motivair by Schneider Electric (MCDU-70 in the Schneider–AMD Helios reference design; WCDU up to 3.5 MW), CoolIT (Ecolab), Vertiv (Liebert XDU), AVC, Nidec, Modine’s Airedale (400 kW–2 MW+) and Lite-On (a 600 kW in-row CDU announced in 2024). Sanyo Denki supplies a liquid-cooling pump, a CDU component rather than a CDU. LiquidStack is private. Eaton’s Boyd Thermal markets CDUs for GB200 NVL72 deployments, Supermicro’s GB300 NVL72 rack carries its own in-rack CDU of up to 250 kW, and Luxshare lists CDUs.

Rear-door heat exchanger

A door on the back of the rack with a liquid coil that captures the heat left in the exhaust air before it reaches the room.

Scope of the company links: Motivair by Schneider Electric’s ChilledDoor rear-door heat exchangers handle the air-cooled share in the Schneider–AMD Helios reference design (July 2026); nVent sells rear-door heat exchangers (RDHX PRO up to 78 kW); Delta lists a 50 kW rear-door heat exchanger; Vertiv sells Liebert DCD rear doors (up to 50 kW); Kaori Thermal sells RDHx units. A rear door is optional in NVL72-class deployments, and which racks use one is not disclosed. Supermicro sells a 120 kW rear-door heat exchanger, Dell a PowerCool enclosed rear-door heat exchanger, and Legrand the USystems ColdLogik rear doors.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

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