The meteoric rise of Bloom Energy (NYSE: BE) stock continued this week, even with a sharp pullback on Friday.
Bloom shares have soared 1,300% over the last year as investors have realized its solid-oxide fuel cell systems are a perfect solution for data center power needs
The stock has jumped another 7% this week as of midday Friday, according to data provided by S&P Global Market Intelligence. Shares hit an all-time high during this week’s move, and investors might be wondering whether there is still room for the stock to march higher. Expanding billion-dollar partnerships Bloom Energy’s fuel cell systems deliver prompt, dependable on-site power for data centers, meeting the rapid energy requirements of AI that the conventional grid struggles to support.
That has led to large partnerships as tech and infrastructure companies work to build out data center capacity. Last year, Bloom announced a $5 billion partnership with Brookfield Asset Management’s infrastructure arm to supply its fuel cell technology to data centers that Brookfield is funding. In its recent quarterly report, Brookfield Infrastructure Partners said it has expanded that relationship by adding another $430 in capital for an additional project, bringing the already committed capital to $1.6 billion.