Bloom Energy expands partnerships with Brookfield and Oracle, driving 80% revenue growth forecast for 2024 amid rising AI power demand.
Bloom Energy (NYSE: BE) announced a $25 billion expansion of its AI infrastructure partnership with Brookfield Asset Management, a five-fold increase from the initial $5 billion deal in October. The agreement underscores surging demand for fuel cells to power data centers, with Oracle also committing to deploy 2.8 gigawatts of Bloom’s technology.
First-quarter revenue jumped over 130% to $750 million, while operating income rose by $91.3 million to $72.2 million. The company now expects 80% revenue growth for 2024, up from prior guidance, reflecting strong adoption in AI and cloud infrastructure.
U.S. electricity demand is projected to grow 60% by 2045, six times faster than the past two decades, driven by AI, electric vehicles, and advanced manufacturing.