Bloom Energy Could Be Behind Massive Panama AI Data Center Projects, Says RBC

• EdgeMode said the two Panama developments will use solid oxide technology, but stopped short of identifying the technology provider.
• RBC noted that Bloom Energy is a leading supplier of solid oxide fuel cells, making it a logical candidate for the projects.
• While the firm said there is no confirmation that Bloom will supply the systems, it argued the announcement reinforces the strength of demand for the company's fuel cell technology.

Shares of Bloom Energy Corp. (BE) were in focus on Thursday after analysts at RBC said that the company could be the unnamed supplier behind two planned 1.2-gigawatt AI data center projects in Panama.

According to TheFly, RBC said EdgeMode’s newly announced projects could represent an expansion of its existing partnership with Bloom Energy.

Bloom Energy shares were up nearly 4% in Thursday’s midday trade.

Why RBC Sees A BE Connection

EdgeMode said the two Panama developments will use solid oxide technology, but stopped short of identifying the technology provider. RBC noted that Bloom Energy is a leading supplier of solid oxide fuel cells, making it a logical candidate for the projects.

While the firm said there is no confirmation that Bloom will supply the systems, it argued the announcement reinforces the strength of demand for the company's fuel cell technology.

RBC maintained its ‘Outperform’ rating on Bloom Energy’s shares, with a price target of $335 that implies an upside potential of about 50% from current levels.

The RBC note follows another bullish call earlier this week from JPMorgan, which raised its price target on Bloom Energy to $346 from $267 while reiterating an ‘Overweight’ rating.

JPMorgan said the recent pullback in Bloom shares has created a compelling entry point, citing broad-based order growth and a strengthening project pipeline ahead of second-quarter (Q2) earnings, even as it flagged policy risks for parts of the broader clean energy sector.

Bloom Energy is scheduled to report its Q2 earnings on July 28. Wall Street expects the company to report earnings per share (EPS) of $0.41 on revenue of $827 million, according to Fiscal.ai data.

Bloom Energy reported EPS of $0.1 on revenue of $401 million during the same period a year ago.

BE Deepens AI Infrastructure Push

Bloom Energy has been expanding its footprint in AI infrastructure as hyperscalers seek faster ways to secure power for new data centers. Last month, the company and Brookfield expanded their strategic partnership to $25 billion from $5 billion, increasing funding for AI power projects fivefold.

The companies said the expanded collaboration will finance Bloom's rapidly deployable onsite fuel cell systems, reflecting strong demand from hyperscalers and AI infrastructure developers for reliable power that can be deployed faster than traditional grid connections.

Brookfield said the expanded commitment strengthens its ability to deliver integrated AI infrastructure spanning power, data centers, compute and capital, while Bloom said the agreement underscores the growing need for clean, reliable power to support the rapid buildout of AI facilities.

What Retail Traders Think Of BE Stock

Retail sentiment on Stocktwits around Bloom Energy was in the ‘bullish’ territory at the time of writing.

BE stock is up 159% year-to-date and 737% over the past 12 months. The iShares Russell 2000 ETF (IWM) is up 29% over the past 12 months, while the Vanguard Total Stock Market Index Fund ETF (VTI) is up 17%.

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