S.E.A Is Scaling Glass-Based Semiconductor Packaging and Perovskite Solar Equipment for the AI Era

Could you give us a brief overview of the company and your leadership?

My background is rooted in Samsung’s trading division, where from 1997 into the early 2000s, I led our business unit for printed circuit boards, packaging, semiconductors, and flat-panel displays. Part of my role was identifying top-tier equipment suppliers across Europe and Japan and supplying their solutions to Samsung-affiliated entities. I also focused on international business development and firmly believed that surviving at Samsung meant I could survive anywhere.

We initially grew through solar. The post-2008 to 2012 period was tough, but the U.S. renewable-energy boom, especially in solar, reignited growth. Today, with the AI revolution, enormous data centers, comparable in size to soccer stadiums, require vast amounts of energy. Typically located in deserts for lower land costs, these centers increasingly rely on solar power.

Even as some push for nuclear energy, solar infrastructure is far faster to deploy and remains indispensable for data centers. This is why the solar market in the U.S. continues growing rapidly.

What is your strategic focus with glass-packaging substrates?

We are developing glass-based packaging substrates for high-performance GPUs (e.g., NVIDIA). These substrates replace conventional organic plastic substrates and serve as IC carriers. Glass offers superior electrical stability and can incorporate MLCC (multi-layer ceramic capacitors) directly into the substrate.

Using glass substrates reduces thickness by 50%, enables a smaller footprint that can support two GPUs instead of one, and reduces data-center space by up to 80% and energy consumption by 50%. This breakthrough has sparked intense interest from major players such as Intel, AMD, and Amazon. Accordingly, S.E.A now supplies equipment for both solar and glass-packaging substrate production.

Can you outline S.E.A’s company structure and global footprint?

Founded 15 years ago, last year we achieved approximately $80 million in revenue, with 89% from the U.S., and a current order backlog of around $47 million. We employ about 280 staff, half in Korea and half abroad, with three Korean facilities: HQ (sales & accounting), a central production plant, and an R&D center in the south. Overseas offices span Malaysia, Germany, the U.S. (Georgia, Ohio), Vietnam, Singapore, and India.

Last month, we acquired a majority stake in FNS Electron, which manufactures glass substrates by drilling and metallizing. This acquisition enables S.E.A to offer both production equipment and consumable components.

In Malaysia, our 95-strong team builds equipment and installs it in the U.S region, benefitting from English-language proficiency. Our Korean R&D center, operational since 2021, houses approximately 80% of the equipment needed to produce glass substrates from start to finish. This level of end-to-end capability is rare among equipment manufacturers and gives us a considerable competitive edge. Our glass-substrate efforts began in earnest in 2019.

How are you responding to U.S. on-shoring and trade-policy uncertainties?

The Trump-era tariffs created significant uncertainty; investment plans were delayed while U.S. customers awaited clarity. Additionally, U.S. visas for technical staff became slower and less reliable, delaying installations. In response, we swiftly built a production facility in Malaysia and scoped a U.S. site, finalizing purchase in April 2024, achievable in months, compared to multi-year timelines at tier-one firms. This agile, decisive approach enables us to remain competitive in today’s shifting supply-chain environment.

Recent U.S. legislation, IRA and AMPC, are now clearly defined (IRA incentives through 2028; AMPC through 2032), paving the way for renewed investment from clients like First Solar and Hanwha.

What opportunities are you pursuing outside the U.S.?

The U.S. leads in glass-substrate mass production, but emerging markets like India and the Middle East are showing promise. We are also exploring Europe, where AT&S is progressing slowly in glass substrates. Concurrently, the region’s strong automotive sector presents opportunities in OLED lighting and flat-panel display equipment. We have begun pursuing those markets with dedicated teams.

How is your short-term growth outlook shaping up?

In 2024–2025, we expect revenue growth in the 30% range, primarily driven by perovskite PV and initial flat-panel display equipment orders. For 2026–2028+, we anticipate 3× annual growth. By that point, glass-substrate mass production should scale, yielding a revenue mix around 60% glass, 20% solar, and 20% turnkey solutions.

S.E.A. CO., LTD. CEO JAEHO SHIN TESTS THE SEALINE SEMICON PKG BATCH PLATFORM

Tell us more about your MRO (maintenance, repair & operations) strategy?

In the next three to five years, 90% of our revenue in both PV and glass will come from the U.S. We’re establishing a U.S.-based MRO operation that will follow our established Korean model, with plans to replicate in India as that market expands. The initial U.S. MRO rollout will coincide with our manufacturing-scaleup there.

How are you embedding digitalization and AI into your operations?

We’ve integrated AI in two key areas. First, our R&D center uses AI-driven data-analysis tools to process vast datasets from glass-substrate tests, identifying optimal parameters in a fraction of the time. Second, we’ve enhanced production efficiency: AI-driven scheduling and pathfinding within our batch-line ‘patch’ instruments boost throughput by 10–20% compared to traditional sequencing. We began this in solar equipment four years ago, and are now applying it to glass-substrate lines.

What key message would you like readers and potential investors to take away?

S.E.A is a global one-stop equipment and solution provider specializing in PV (notably perovskite) and high-performance glass-packaging substrates. Since 2019, we’ve led the industry, with R&D and manufacturing infrastructure in Korea, Malaysia, and soon the U.S., supported by FNS’s consumables. Backed by strategic funding and IP, we are positioned to support customers worldwide, and we anticipate capturing a leading share of the next-generation semiconductor and solar-equipment markets.

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