BE: Expanded Partnership with Brookfield Highlights Strong Demand

研报英文原文证据摘录

BE: Expanded Partnership with Brookfield Highlights Strong Demand

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Christopher Dendrinos, CFA (Analyst)

Laura Deng (Senior Associate)

June 30, 2026

Bloom Energy Corporation

Expanded Partnership with Brookfield Highlights Strong Demand

NYSE: BE | USD 275.01 | Outperform | Price Target USD 335.00

Sentiment: Positive

Our view. We believe the 5x increase in the strategic partnership to $25bn from $5bn highlights the strength of the demand

opportunity and growing adoption of BE fuel cells. We believe the announcement is consistent with recent messaging from BIP

highlighting the potential to expand the platform, though we believe $25bn is larger than expectations. The expanded partnership

is part of Brookfield’s dedicated AI Infrastructure Fund, which launched in November 2025 with a target to deploy $100bn.

Brookfield’s strategy is focused on investing in large AI factories, power solutions, compute infrastructure, and strategic capital

partnerships. We recently hosted BE at our Global Energy, Power & Infrastructure Conference where the company highlighted that

demand is accelerating, and they remain in the early stages of adoption with the next catalyst coming from proof of execution

on larger projects (see here).

BE and Brookfield expand AI infrastructure partnership to $25bn. Today AMC BE announced the expansion of its strategic

partnership with Brookfield to increase its initial framework agreement from $5bn to $25bn. The expanded partnership reflects

demand from datacenters and demand specifically for fast, reliable, and community-friendly power. The commitment reflects

momentum in the companies are seeing in the market.