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Bloom Energy signs $1.7 billion fuel cell deal for Nebius AI power
The deal, funded by IDF and Oaktree Capital, follows a sharp July 16 drop in Bloom shares after a short report raised questions about its scandium sourcing.
Bloom Energy Corporation has secured a $1.70 billion deal for fuel cell technology to provide power for the AI cloud infrastructure of Nebius Group N.V., with IDF and Oaktree Capital committing the funding, according to Yahoo Finance.
Yahoo Finance said the fuel cell systems will be used for Nebius AI operations, positioning Bloom as a provider of on-site, lower-carbon power for AI data centers and other industrial customers.
Despite the size of the agreement, Bloom shares fell 13.64% intraday on July 16, as investors reacted to other developments around the company.
Yahoo Finance linked the pressure to concerns raised by a short report that questioned Bloom’s sourcing of Chinese scandium, and also pointed to noted insider selling activity in Bloom stock.