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ReutersBloom Energy said on Monday it would supply Oracle with up to 2.8 gigawatts of fuel cell capacity under an expanded deal as rising artificial intelligence use drives up power consumption.
An initial 1.2 GW of capacity has been contracted under the agreement, with deployment already underway and set to continue into the next year.
Bloom said its fuel cell systems can be rolled out much faster than traditional power options, helping customers get electricity sooner and lower project risks.
Shares of the company rose 12.6% at $198.65 in extended trading.
"By rapidly deploying Bloom's reliable, efficient fuel cell energy, we are quickly meeting the demands of our customers across the United States," said Mahesh Thiagarajan, executive vice president, Oracle Cloud Infrastructure.
Fuel cells offer a cleaner alternative to traditional power by generating electricity through chemical reactions rather than combustion. Depending on the fuel, byproducts can include water and heat, making them more environmentally friendly.
Bloom Energy said it had issued the warrant to Oracle on the terms previously announced in October.
An initial 1.2 GW of capacity has been contracted under the agreement, with deployment already underway and set to continue into the next year.
Bloom said its fuel cell systems can be rolled out much faster than traditional power options, helping customers get electricity sooner and lower project risks.
Shares of the company rose 12.6% at $198.65 in extended trading.
"By rapidly deploying Bloom's reliable, efficient fuel cell energy, we are quickly meeting the demands of our customers across the United States," said Mahesh Thiagarajan, executive vice president, Oracle Cloud Infrastructure.
Fuel cells offer a cleaner alternative to traditional power by generating electricity through chemical reactions rather than combustion. Depending on the fuel, byproducts can include water and heat, making them more environmentally friendly.
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Bloom Energy said it had issued the warrant to Oracle on the terms previously announced in October.
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