Clean & Science Draws Attention as a Potential Beneficiary of the U.S. HVAC Market Hidden Behind AI

[Financial News] An analysis has found that KOSDAQ-listed Clean & Science could transform itself from a general-purpose filter maker into a high-value industrial materials company by entering the U.S. heating, ventilation, and air conditioning (HVAC) market and leveraging PFAS-Free materials.
On the 14th, independent research firm Finlit did not provide an investment opinion or target price for Clean & Science, but identified an increased share of high-value filter sales as the key to a potential future revaluation of the company.
The first turning point is the U.S. HVAC market. After supplying filters for AI data center HVAC systems, Clean & Science signed a contract to supply high-performance filter media to a global HVAC company. Although the contract value was not disclosed, the company is seen as having confirmed its potential to enter the local supply chain after passing certification by a North American customer.
By bringing melt-blown (MB) and activated-carbon composite media production in-house, the company can also respond to high-value products featuring low pressure drops, long service lives, and volatile organic compound (VOC) removal. If repeat orders materialize, the criteria for evaluating the company could shift from those applied to a general-purpose filter maker to those used for an industrial filter materials company.
PFAS-Free products and water-treatment filters for multilayer ceramic capacitors (MLCCs) are also factors that could improve its profit structure. According to Finlit, PFAS-Free MB generated 7.9 billion won in revenue in 2025, and annual revenue could increase by more than 10 billion won once the production system is fully established.
However, its financial leverage remains a burden, with a debt ratio of 307.6% and net borrowings of 27.25 billion won.
Finlit noted, "The key to a revaluation is whether expanding sales in U.S. HVAC and PFAS-Free products leads to improved margins and operating cash flow, as well as reduced borrowings."
It added, "Ultimately, the turning point for a revaluation of the stock will be whether the increased share of high-value products translates into actual earnings and cash, rather than AI exposure itself."
[email protected] Kim Kyung-ah Reporter