Bloom Energy surges as AEP signs $2.65 billion deal for fuel cells

American Electric Power

08/01/2026 14:56

Updates

** Shares of power solutions company Bloom Energy BE.N rise 16% to $125.34 in early trading, hitting their highest since November

** American Electric Power's AEP.O unit signs deal worth about $2.65 billion with BE to advance its fuel cell power generation plans

** In 2024, AEP had signed an agreement with Bloom to acquire 100 megawatts (MW) of solid oxide fuel cells with an option to purchase an additional 900 MWs

** The offtake deal is subject to certain conditions which are expected to be satisfied by Q2 2026

** Analysts at Evercore view this as a meaningful positive for Bloom as it sheds light on demand for its product and provides investors insight into the fact that the AEP contract will result in volumes well above the minimum commitment

** In 2025, BE rose about 24.3%

 (Reporting by Katha Kalia in Bengaluru)

 ((katha.kalia@thomsonreuters.com))