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Bloom Energy shares fall after AI data center hydrogen deals
Bloom shares are down nearly 40% from their late-June peak as AI data center contracts expand, including a 300 MW PowerCell fuel cell deployment and Brookfield plans to expand a $5 billion initial stake by quintupling it.
Bloom Energy (NYSE: BE) has been slipping again after a strong run earlier in the year, with shares down nearly 40% from their late-June peak, as investors remain cautious about hydrogen fuel cells playing a major role in the energy transition. The debate is coming under pressure as fuel cell makers sign more deals with electricity-hungry AI data center owners and operators. Yahoo Finance notes that AI data center company ECL recently agreed to deploy 300 megawatts of hydrogen fuel cells made by Sweden's PowerCell.
The outlet also points to additional partnerships across the sector, including Siemens agreeing to co-develop distributed energy solutions for data centers with FuelCell Energy, and FuelCell Energy later striking a similar deal with Fit Energy USA. Beyond project development, Brookfield said it would quintuples its initial $5 billion purchase of power infrastructure manufactured by Bloom Energy. Yahoo Finance adds that Oracle more than doubled the amount of power it initially needed from Bloom's onsite fuel cell power solutions, raising demand from 1.2 gigawatts to 2.8 gigawatts.