Strong Demand Signal from Expanded Brookfield Partnership

Research evidence excerpt

Strong Demand Signal from Expanded Brookfield Partnership

Update

July 1, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMBloom Energy Corp. | North America David Arcaro, CFA

Equity Analyst

Strong Demand Signal from David.Arcaro@morganstanley.comJeremy Herring +1 212 761-1817

Research Associate

Jeremy.Herring@morganstanley.com +1 212 761-4182

Expanded Brookfield Alexandre Zimmermann

Alexandre.Zimmermann@morganstanley.com +1 212 761-3617

Partnership Zhizhong Dong

Jonathan.Dong@morganstanley.com +1 212 761-5632

Yesterday, Bloom announced that Brookfield (BAM/BIP) agreed to scale its AI

Amanda Huang

Infrastructure partnership with Bloom to $25b, representing a 5x expansion of the Research Associate

original agreement. Recall, the initial $5b partnership, signed in Oct 2025, supported Amanda.Huang@morganstanley.com +1 212 761-4197

building and financing up to 1 GW of fuel cells for data centers. At the same Bloom Energy Corp. (BE.N, BE UN)

assumed investment level, this upsized agreement would imply 5 GW of Clean Tech | United States of America

development potential. We note that BAM had previously messaged that the Stock Rating Overweight

Industry View In-Line

company was looking to upsize the partnership during its 1Q26 earnings call, "not by

Price target $310.00

percentages, but by multiples". We believe this agreement would cover financing of Shr price, close (Jun 30, 2026) $302.70

Mkt cap, curr (mm) $73,744

third-party projects and also includes Brookfield investing equity in data centers 52-Week Range $351.25-21.53

that will be powered using Bloom fuel cells. The 5 GW figure compares to our

forecast calling for an aggregate 14.6 GW of BE deployments through the end of the

decade.

In recent BIP meetings with investors, the company noted it had already committed