According to a research report, the power shortage in data centers highlights the advantage of rapid deployment for Solid Oxide Fuel Cell (SOFC) power generation. The significant expansion of the financing collaboration for AI power projects between Bloom Energy and asset management giant Brookfield Asset Management has brought a clear improvement in its order visibility. Looking ahead, the institution believes the large-scale commercial application of the SOFC industry is expected to accelerate, benefiting domestic SOFC supply chain manufacturers. This is also anticipated to drive order growth for domestic component manufacturers such as fuel cell membranes, metal interconnects, and temperature controllers, as well as raw material suppliers like chromium metal, presenting investment opportunities.

Key Event: Major Expansion of AI Power Project Financing

On June 30, 2026 (local time), leading SOFC manufacturer Bloom Energy announced a substantial expansion of its AI power project financing collaboration with asset management giant Brookfield Asset Management, from $5 billion to $25 billion, a fivefold increase from the initial scale in 2025.

Data Center Power Shortage Highlights SOFC Deployment Advantage

The report suggests that the urgent need for rapid power deployment in North American data centers is a key reason for the expansion of this financing collaboration. In a joint statement, the two companies indicated that this expansion "reflects the strong and sustained demand from hyperscale data center operators and AI infrastructure developers for fast, reliable, and community-friendly power."

Bloom Energy has previously signed fuel cell supply contracts with multiple clients including Oracle and Nebius. Referring to its case of deploying SOFCs for an Oracle data center, fuel cells can be deployed within six months. In contrast, the construction of traditional power plants and grid expansion typically requires several years. This demonstrates that, given the data center power shortage, the advantage of rapid SOFC power deployment is scarce. Some data center clients are willing to pay a higher initial investment for this benefit. Looking forward, the institution believes this advantage is expected to drive accelerated growth in SOFC installations.

Accelerated Commercialization and Benefits for Domestic Supply Chain

Previously, due to the suspension of some data center projects in North America, some investors were concerned about the sustainability of Bloom Energy's orders. However, the expansion of this financing collaboration has brought a clear improvement in its order visibility. According to industry practice, financing amounts for fuel cell projects are generally linked to equipment supply contracts. Increasing the financing scale implies that Bloom Energy is expected to secure larger equipment orders.

Based on an estimated investment of $3 billion per GW for SOFC projects, the institution calculates that the financible installation capacity supported by Brookfield has increased from approximately 1.7 GW to about 8.3 GW, significantly enhancing the visibility of Bloom Energy's order pipeline. Looking ahead, the institution believes the clear improvement in Bloom Energy's order visibility is expected to drive accelerated large-scale commercial application of the SOFC industry. This will, in turn, drive order growth for domestic component manufacturers such as fuel cell membranes, metal interconnects, and temperature controllers, as well as raw material suppliers like chromium metal, presenting investment opportunities.

Risk Factors to Consider

Potential risks include macroeconomic fluctuations leading to lower-than-expected investment, slower-than-expected data center construction, and slower-than-expected technological development.