Bloom Energy Shares Surge After $5 Billion Deal with Brookfield

San Ramon, California — Shares of Bloom Energy soared on Monday following a significant partnership with Brookfield to deploy fuel cells for artificial intelligence data centers. The deal could reach up to $5 billion, marking Brookfield’s first move to enhance its strategy for powering major AI data centers.

Bloom Energy’s fuel cells offer onsite power solutions that can be quickly implemented, avoiding reliance on the traditional electric grid. In the past, Bloom has successfully deployed hundreds of megawatts of its technology through agreements with utility companies like American Electric Power and tech giants like Equinix and Oracle.

The surge in the AI sector’s data center ambitions has led to escalating power demands. Notably, Nvidia and OpenAI recently unveiled plans to construct 10 gigawatts of data centers, equivalent to the energy consumption of New York City during peak summer days.

Nvidia’s CEO Jensen Huang highlighted the urgent need for self-generated power in the AI industry to meet rapidly increasing electricity demands and shield consumers from escalating energy costs. In an interview with CNBC last week, Huang stated, “Data center self-generated power could move a lot faster than putting it on the grid and we have to do that.” This underscores the necessity for innovative energy solutions in the evolving tech landscape.