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Bloom Energy is poised to secure a significant data center initiative in Wyoming.
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The firm is actively increasing its capacity to accommodate the rising demand for its fuel-cell technology.
Bloom Energy (NYSE: BE) shares have surged recently, climbing 33.4% this week as of 2 p.m. ET Thursday, reaching a 52-week peak of $93.80 per share, as per data from S&P Global Market Intelligence.
In September, RBC Capital analyst Christopher Dendrinos significantly raised Bloom Energy’s stock price target to $75 per share. This week, RBC Capital highlighted that the hydrogen fuel cell company might be in line for a substantial project due to a recent application, igniting excitement among Bloom Energy investors.
According to RBC Capital’s research, BFC Power has submitted an application in Wyoming seeking approval to build a power plant with a total capacity of 900 megawatts, utilizing Bloom Energy’s fuel cells.
This proposed plant is intended to support a 1.8-gigawatt data center, and RBC interprets this application as a strong indication of Bloom Energy’s prospects in the rapidly expanding data center industry.
Data centers are experiencing rapid growth in the U.S., necessitating reliable power supplies to maintain their extensive infrastructure and cooling systems. The International Energy Agency (IEA) forecasts that data centers will contribute nearly 50% of the increase in electricity demand by 2030.
The escalating energy requirements are fueling overall growth within the energy sector, with a particular focus on clean energy solutions. Bloom Energy’s solid-oxide fuel cells are capable of converting alternative fuels like hydrogen and biogas into electricity on-site for consistent power generation.
A successful bid for a data center project in Wyoming could mark the beginning of numerous similar opportunities for Bloom Energy. The company already boasts a robust customer base, with one of its recent significant contracts being the provision of on-site power to tech giant Oracle‘s data center within a swift 90-day timeframe. This deal showcased Bloom Energy’s capability to quickly deploy its solutions.
Bloom Energy’s growth trajectory is compelling. The company has achieved record revenues and profits for three consecutive quarters, projecting 2025 revenue figures between $1.65 billion and $1.85 billion compared to $1.47 billion in 2024. With plans to double capacity to 2 gigawatts by the end of 2026 in response to soaring demand for its fuel-cell technology, investor interest in the stock remains strong.
Before making an investment in Bloom Energy, consider the following:
