Bloom Energy shares surge over 20% to record high after securing major Oracle data centre power deal

Shares of Bloom Energy, a company that provides on-site power solutions, surged 24% on the NYSE on Tuesday, 14 April, hitting a fresh record high of $218.68 apiece after it signed an agreement to supply energy for Oracle’s data centre buildout, expanding the partnership between the two firms.

The company said on Monday that it will supply up to 2.8 gigawatts of fuel cell energy systems for Oracle, with an initial contract for 1.2 gigawatts of capacity. A gigawatt is enough electricity to power about 750,000 US households at any given time.