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Bloom Energy soars more than 20% on deal with Brookfield to put fuel cells in AI data centers
Shares of Bloom Energy soared Monday after striking a deal with Brookfield Asset Management to install fuel cells in artificial intelligence data centers.
Brookfield will spend up to $5 billion to deploy Bloom Energy's technology, the first investment in its strategy to support big AI data centers with power and computing infrastructure. Bloom's fuel cells are "fuel-flexible" and can run on natural gas, biogas or hydrogen, the company says.
Brookfield and Bloom are collaborating to design and build what they are calling "AI factories" around the the world, including a site in Europe that will be unveiled before the end of the year.
Brookfield backs Bloom Energy with $5 billion for fuel cells to power AI data centers
(Reuters) -Brookfield Asset Management said on Monday it would invest up to $5 billion in Bloom Energy's fuel cell technology to power data centers, as companies seek cleaner energy to meet the needs of the artificial intelligence boom.
Shares of Bloom Energy surged 24.5% to hit a record high of $108.17 in morning trading.
Brookfield's first investment in its dedicated AI Infrastructure strategy taps into a shift to cleaner power sources such as nuclear, renewables and fuel cells as firms invest billions into building and expanding data centers amid the surge in demand for AI and cloud computing services.
Evercore ISI analysts in a note said Bloom's solid oxide fuel cells offer "reliable, scalable and clean on-site power".
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