Mentioned:
Fuel cells are ramping up in America. And Bloom Energy is behind it.
What’s happening:
- Bloom Energy (NYSE: BE) has landed a $2.65B USD fuel cell supply agreement with utility company American Electric Power (NASDAQ: AEP)
By the numbers:
- American Electric Power has a 1 gigawatt option agreement with Bloom Energy and is exercising 900 megawatts as part of this deal
Why it matters:
- American Electric Power is one of the largest electricity producers in the United States and operates the largest electric transmission systems in America
Going deeper:
- Bloom Energy’s fuel cells will be used to supply a new power facility being developed by a subsidiary of American Electric Power located near Cheyenne, Wyoming
- Brookfield Asset Management previously made waves when they committed $5B USD to Bloom Energy to deploy their fuel cells at large scale data centres globally
Market reaction:
- Shares of Bloom Energy surged +10% following the deal with American Electric Power
