Bloom Energy Secures Landmark 1 GW Deal with AEP, Stock Soars 38%

Nov 15, 2024, 01:10 PM

Bloom Energy (BE) has entered into a significant supply agreement with American Electric Power (AEP) to provide up to 1 GW of solid oxide fuel cells. This agreement, estimated to be worth $3.0B, is considered the largest-ever commercial procurement of fuel cells globally. Following the announcement, Piper Sandler upgraded Bloom Energy to Overweight from Neutral, raising the price target to $20 from $10. Evercore also raised its price target for BE to $22, noting the substantial impact of the deal. As a result, Bloom Energy's stock soared by 38%.