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Bloom Energy (BE) has announced a strategic partnership with American Electric Power (AEP) for a $2.65 billion fuel cell project aimed at developing a generation facility near Cheyenne, Wyoming. The agreement includes a 20-year offtake contract with a third-party customer for the entire production capacity.

AEP expects to fulfill the conditions for this agreement by Q2 2026. The partnership builds on prior collaborations focused on deploying up to 1 gigawatt of Bloom's solid oxide fuel cells in data centers.

Following the announcement, Bloom Energy's shares rose approximately 3%. Financially, Bloom reported revenues of $1,818.7 million with a modest growth rate, but faces profitability challenges with a low net margin of 0.84%.

Its strong liquidity is indicated by a current ratio of 4.4, although it has a higher debt-to-equity ratio of 2.32. Analyst sentiment is moderately positive, with a recommendation score of 2.6 and a target price of $112.71.