Powering AI Data Centers: Bloom Energy Announces Gigawatt Fuel Cell Procurement Contract With AEP - Share Price Goes Through The Roof

San Jose, USA - Bloom Energy, the US fuel cell manufacturer listed on the RENIXX World renewable share index, has received a record order from American Electric Power (AEP). The contract provides for the supply of fuel cell systems with a total capacity of up to 1,000 MW (1 GW).

According to Bloom Energy, this is the largest commercial procurement of fuel cells in the world to date. As part of the agreement, AEP has already placed a specific order for the supply of fuel cells with a capacity of 100 MW, with further orders for expansion expected in 2025.

The agreement extends Bloom Energy's existing collaboration with AEP in the deployment of solid oxide fuel cells (SOFC) in commercial and industrial applications. According to the fuel cell specialist, Bloom Energy's fuel cell solutions can be deployed quickly and offer very high availability. This is a combination of features that no other commercial solution offers, the company says.

The first installation of Bloom fuel cells will help support the immediate needs of AI data centers.

“I am pleased that the market is recognizing that Bloom Energy's platform is the ideal choice for powering AI data centers. We are excited to be working with AEP as they lead the way in developing innovative solutions for the changing power market. With our proven track record of more than 1.3 GW in deployment and a fully operational factory capable of delivering GWs of product per year, we are ready and able to meet this rapid growth in electricity demand,” enthused K.R. Sridhar, Founder, Chairman and CEO of Bloom Energy.

Bloom's fuel cells can run on 100 percent hydrogen or any mixture of hydrogen and natural gas, providing the flexibility needed to improve the carbon footprint, according to the manufacturer.

Bloom Energy's share price literally exploded following the announcement of the order. At the end of the last trading week, the share was up 64% for the week at EUR 20.15 (closing price, 15.11.2024, Stuttgart Stock Exchange). Bloom continued its upward trend on the first two trading days of the current week. The share is up 11.7% at EUR 22.51 on Tuesday evening (closing price, 19.11.2024, Stuttgart Stock Exchange).

Source: IWR Online, 20 Nov 2024