The question explores whether Bloom Energy can profit from the current surge in data center development.

Bloom Energy's Green Hydrogen and Fuel-Agnostic Generators Gain Momentum

In the ever-evolving landscape of renewable energy, Bloom Energy is making significant strides. Founded in 2001, the company has come a long way, reaching "unicorn" status with $1.5 billion in investment before Initial Public Offering (IPO) in 2018.

Initially, Bloom Energy focused on providing onsite power for large users like data centers and manufacturers, even if they primarily relied on the grid. However, the company's systems have since evolved to cater to a broader spectrum of energy needs.

Bloom Energy's energy servers use solid oxide fuel cells, which produce a concentrated tailpipe of carbon dioxide. Recognizing the need for decarbonization, the company has been actively working towards reducing its carbon footprint. Bloom Energy's systems now rely on a system that uses both gas and carbon capture.

The company's commitment to decarbonization is evident in its production of green hydrogen electrolyzers, which it began in 2020. This move was aimed at securing a stake in the market for decarbonizing power. Other companies, including Mainspring Energy, are also pushing fuel-agnostic generators for data center customers.

Bloom Energy's efforts in this regard have not gone unnoticed. The company has signed major deals with customers like AEP and Equinix, and data centers have been a significant customer segment for Bloom Energy. In 2020, Bloom Energy announced plans to create the world's largest fuel cell installation with SK Eternix.

The new rise in Bloom Energy's electricity is driven by interconnection timelines and the prioritization of speed to power over clean energy by large power users like hyperscalers. The energy servers made in the U.S., with two domestic manufacturing and assembly plants, are increasingly being used by energy companies and data center developers for new gas generation, especially to serve artificial intelligence demand.

However, the energy sector's focus on fossil fuels remains a concern for environmentalists. The Trump administration, for instance, has made it clear that gas is a favored fuel, with policies favoring federal lands and waters exploration and extraction, and LNG exports. In response, Bloom Energy has been developing, diversifying, and fortifying its supply base to mitigate the impacts of any particular country or supplier.

Another player in the AI boom is Crusoe Energy, which combines both power generation and data center development. Wenger Engineering, on the other hand, is focusing on the production of green hydrogen. The company began plants for producing green hydrogen in 2020 and aims to gain a market share in the decarbonization of energy by using PEM electrolysis technology combined with wind energy for mobility, logistics, and food industry applications.

Bloom Energy's commitment to clean energy is further demonstrated by its recent financial success. The company reported $326 million in revenue for the first quarter of 2025, a nearly 39% year-over-year increase. With its continued focus on innovation and sustainability, Bloom Energy is poised to play a significant role in the future of energy production.