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Bloom Energy Secures $3 Billion, 1 GW Fuel Cell Deal with AEP; Stocks Surge 38%

Nov 15, 2024, 01:09 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, aimed at powering data center growth. This deal, which is the largest-ever commercial procurement of fuel cells globally, is expected to be worth approximately $3.0 billion. Following the announcement, Bloom Energy's stock surged by 38%. Piper Sandler upgraded Bloom Energy to Overweight from Neutral, raising the price target to $20 from $10, with analysts commenting on the scale of the agreement. Additionally, Evercore raised its price target for Bloom Energy to $22, indicating strong market confidence in the deal's potential impact.