Bloom Energy sees growth driven by AI data center power demand

Bloom Energy is experiencing significant growth driven by the increasing electricity demands of artificial intelligence (AI) infrastructure. The company, which manufactures electricity-generating fuel cells, has seen its Q2 revenue rise to over $1 billion, up from $751 million in Q1.

Due to this momentum, Bloom Energy has upwardly revised its full-year revenue guidance to a range between $3.9 billion and $4.2 billion. The company’s solid-oxide fuel cells are increasingly utilized by AI data centers because they can convert readily available natural gas into power on-site, helping to bypass electrical grid constraints.

Strategic partnerships are also expanding. Bloom Energy recently grew its partnership with Oracle from 1.2 gigawatts to 2.8 gigawatts and expanded a supply agreement with AI server manufacturer MiTAC Computing Technology. Beyond power generation, the company also produces electrolyzers used to create hydrogen.