Bloom Energy rises 2% after partnering with European AI infrastructure upstart in $2.6 billion deal

Key points

• Bloom Energy's shares were higher before the opening bell 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.