Bloom Energy secures US$1.7 billion AI data center power supply order, shares soar 15%
The share price of Bloom Energy, an American fuel cell company, soared 15% on Tuesday after the company announced that it has received a US$1.7 billion project investment to provide exclusive power solutions for AI cloud computing company Nebius. The investment was participated by Industrial Development Funding and asset management giant Oaktree Capital. Serving as the sole tax equity investor and arranger, Mitsubishi UFJ Bank provided the senior debt financing. Bloom Energy will provide Nebius with "behind-the-meter power supply" capabilities to meet its growing AI computing power needs. As an important AI computing power provider in Europe, Nebius has recently received a US$2 billion investment from Nvidia and signed an infrastructure agreement worth US$27 billion with Meta. The company is facing power bottlenecks in the expansion of AI infrastructure, and Bloom Energy's solid oxide fuel cells can quickly complete on-site deployment within 90-120 days without relying on the power grid. This US$1.7 billion investment is another important development based on Bloom Energy’s previous series of large orders. In April this year, the company Signed a fuel cell procurement framework agreement for up to 2.8 GW, and expanded the scale of cooperation with Brookfield Asset Management from US$5 billion to US$25 billion. Analyst Mark Strouse raised the price target for Bloom Energy from $267 to $346, predicting that the stock still has room for about 75% upside. Analysts expect that the company’s second-quarter financial report to be released on July 28 is expected to continue its strong performance amid continued tight demand for AI power.