Rystad Energy projects data-center fuel-cell investment will rise to about $30 billion by 2030 from $2.8 billion in 2025, as developers seek power amid grid constraints. Bloom Energy reported third-quarter revenue of $1.24 billion and raised its 2026 revenue forecast to $4.4 billion-$4.6 billion.
Fuel cells generate electricity through a chemical reaction rather than combustion. Data-center developers are exploring on-site power because connecting large loads to the US grid can take three to six years, Rystad estimates. The firm predicts about 40% of projected US data-center capacity in 2030 could pursue dedicated on-site power.
Bloom Energy’s third-quarter revenue rose 138% to $1.24 billion, and it posted net profit of $250.3 million, compared with a year-earlier loss of $23.1 million. It raised its 2026 revenue forecast to $4.4 billion-$4.6 billion. Oracle intends to procure up to 2.8 gigawatts of Bloom fuel-cell systems, with 1.2 gigawatts contracted. FuelCell Energy expects data centers and related business to account for 75%-85% of its business within two to three years, up from 25%-30% currently.
Rystad expects annual fuel-cell manufacturing capacity to rise to 4 gigawatts by 2030 from about 1.8 gigawatts currently. Projects still require gas connections, permits, transformers and switchgear, which can delay deployment. The industry’s roughly 9-gigawatt order book includes framework agreements that may not represent firm orders for the full stated capacity.
