GoKawiilBloom Energy's shares rose to a 52-week high after it unveiled a partnership with Europe's Nebius, an AI cloud provider seeking to overcome power constraints in the AI infrastructure buildout.
Nebius said Wednesday that it would deploy Bloom's fuel-cell technology to generate electricity faster and more quickly at its data centers in the U.S., with potential for global expansion.
The group will pay Bloom up to $2.6 billion in service fees during the life of the agreement, subject to conditions, the company said in a SEC filing.
The cloud company plans to buy electricity generated by Bloom's systems, while Bloom will install and manage the equipment. The project is expected to roll out in three phases over 10-year terms, providing about 250 megawatts of guaranteed power capacity and 328 megawatts of installed capacity, per the filing.
Bloom shares rose more than 12%, while the Nasdaq-listed Nebius was up over 16%.
"Power remains a key constraint for AI infrastructure build-outs," Nebius' Chief Product and Infrastructure Officer Andrey Korolenko said in the statement. "We chose Bloom because their fuel cells solve that directly: Clean power with virtually no pollutants is deployed onsite, on the timelines our customers need, with the availability AI workloads require."