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Bloom Energy Corp (NYSE:BE) shares are rising in extended trading Tuesday after the company announced a strategic partnership with CoreWeave.
What Happened: Bloom Energy said it entered into a partnership to deploy its proprietary fuel cells to generate on-site power for CoreWeave at a high-performance data center in Illinois.
The data center, owned by Chirisa Technology Parks, will facilitate high-density deployments with advanced cooling systems, allowing CoreWeave to offer efficient cloud solutions for AI. Bloom Energy noted that the partnership underscores its ability to meet the rising energy demands of the AI sector.
“Bloom Energy is thrilled to have been selected by CoreWeave. This validation from CoreWeave, a leader in AI, is a testament to our leading-edge technology and its importance to AI,” said Aman Joshi, chief commercial officer of Bloom Energy.
Bloom Energy said its fuel cells are set to be commissioned in the third quarter of 2025. The company also noted that it has solid oxide fuel cells installed at customer sites around the world in an effort to meet the future energy requirements of the global AI industry.
JPMorgan analyst Mark Strouse maintained Bloom Energy with a Neutral rating on Tuesday and raised the firm’s price target from $12 to $14.
BE Price Action: Bloom Energy shares closed Tuesday up 3.71%. The stock was up another 10.08% after hours, trading at $16.60 at time of publication, per Benzinga Pro.
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Photo: Courtesy of Bloom Energy.
Posted In: BE
