(Reuters) -Brookfield Asset Management said on Monday it will invest up to $5 billion in Bloom Energy’s fuel cell technology to power data centers, as companies eye cleaner energy to meet the needs of the artificial intelligence boom.
Shares of Bloom Energy were up 31% at $113.72 in premarket trading.
Companies are turning to cleaner power sources such as nuclear, renewables and fuel cells as they invest billions into building and expanding data centers to meet the surge in demand for AI, cloud computing and digital services.
The two companies are working on the design and delivery of AI factories globally, including a site in Europe that will be announced before the end of the year, they said.
Brookfield is pushing to expand Europe’s largest AI infrastructure cluster. In June, it had announced plans to invest up to 95 billion Swedish crowns ($9.98 billion) to build an AI data center in Sweden and a 20 billion euro commitment for AI projects in France.
Fuel cells offer a cleaner alternative to traditional power by generating electricity through chemical reactions rather than combustion. Depending on the fuel, byproducts can include water and heat, making them more environment friendly.
Bloom Energy has already deployed its fuel cell technology to data centers, through partnerships with American Electric Power, Equinix and Oracle.
($1 = 0.8639 euros)
($1 = 9.5158 Swedish crowns)
(Reporting by Dharna Bafna and Tanay Dhumal in Bengaluru; Editing by Sonia Cheema and Leroy Leo)
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