Bloom Energy Corporation (NYSE: BE) received a significant market boost after Nebius Group announced its 300-megawatt New Jersey AI data center project would rely on Bloom’s fuel-cell technology for power.
Shares of Bloom Energy jumped roughly 12.3% following the announcement, which emerged during Nebius Group N.V.’s (NASDAQ: NBIS) second-quarter 2026 earnings call on August 13.
Nebius, backed by Nvidia, selected Bloom’s fuel cells to provide behind-the-meter power for a planned 300-megawatt AI data center in Vineland, New Jersey, citing community and environmental benefits.
Chief Communications Officer Tom Blackwell said during the Q2 earnings call that switching to Bloom’s fuel-cell technology would significantly enhance the project, particularly from a community perspective.
Andrey Korolenko, who oversees product and infrastructure at Nebius, stated, “Bloom fuel cells deployment should be fast. Overall, the switch to Bloom has been a variable and a good pivot for the project, with no significant impact expected on the project timeline.”
The Vineland project had faced resistance from local residents over permitting and environmental impact concerns, but Bloom’s low-emission, on-site energy solution helps address those objections directly.
Fuel cells generate electricity from hydrogen and oxygen without carbon emissions at the point of use, making them increasingly attractive to AI hyperscalers demanding large volumes of reliable, clean power.
With regional electrical grids struggling to keep pace with surging data center demand, companies like Bloom Energy are drawing attention as viable alternatives to traditional grid-supplied electricity.
The Nebius deal follows a strong second-quarter performance from Bloom Energy, which reported on July 28 that Q2 2026 revenue surged 165.5% year over year to $1.065 billion, nearly doubling analyst earnings-per-share expectations of $0.39 with an actual result of $0.78.
Management also raised its full-year 2026 revenue guidance to between $3.9 billion and $4.2 billion, combining better-than-expected quarterly results with a more optimistic outlook for the rest of the year.
By choosing Bloom’s technology, Nebius can bypass grid congestion entirely, gaining a fast-deployment, low-emission power solution that avoids the delays associated with traditional utility interconnections.
The agreement is projected to generate up to $2.6 billion in monthly service fees over its duration, fundamentally shifting Bloom’s revenue model from hardware-focused sales toward a more predictable, recurring income stream.
One analyst described the opportunity as the “cherry on top of the icing on top of the cake for Bloom Energy,” reflecting broad enthusiasm for the deal’s long-term implications.
Evercore ISI holds a $350 price target on Bloom Energy stock, pointing to meaningful further upside potential from current trading levels.
Wall Street currently holds a Moderate Buy consensus rating on Bloom Energy, based on 10 Buy ratings and nine Hold ratings from covering analysts.
