Bloom Energy shares rose more than 30% after closing a deal with Brookfield to provide fuel cells for artificial intelligence data centers

shares Bloom Energy Brookfield shares rose Monday after striking a deal with Brookfield to deploy fuel cells for artificial intelligence data centers.

Brookfield will spend up to $5 billion to deploy Bloom Energy technology, the first investment in its strategy to support large AI data centers with power and computing infrastructure.

Bloom Energy shares rose more than 30% in early trading. Bloom’s fuel cells provide on-site power that can be deployed quickly because they do not rely on the electrical grid.

Bloom has already deployed hundreds of megawatts of fuel cells through deals with utilities such as American Electric Power and data center developers such as Equinix and Oracle, the company said.

Data center plans for the AI ​​industry are growing exponentially. For example, Nvidia and OpenAI recently announced a partnership that aims to build 10 gigawatts of data centers, equivalent to the energy New York City consumes on some days during the summer.

Nvidia CEO Jensen Huang told CNBC last week that the AI ​​industry will need to build capacity from electricity to quickly meet demand and protect consumers from rising electricity prices.

“Self-generated power in a data center can move much faster than putting it on the grid and we have to do that,” Huang told CNBC on October 8.

This is breaking news. Please refresh for updates.