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(Bloomberg) — Bloom Energy Corp., a supplier to Oracle Corp. that’s seen its stock price double in the past two months, doesn’t see a need to sell shares to meet surging demand from data centers, its chief executive officer says.
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The company makes fuel cells that generate electricity from natural gas through a chemical reaction, rather than burning the fuel. Bloom can recover the cost of building a new factory in six months through sales, making it unnecessary to raise capital, KR Sridhar said in an interview Monday with Bloomberg News in San Francisco.
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“If there is a need, obviously, we will go and raise money, but there is no reason to just go raise money for us right now,” Sridhar said.
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San Jose, California-based Bloom estimates it needs to spend about $100 million to $150 million for production of one gigawatt of fuel cells, which is equivalent to a traditional nuclear reactor.
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Bloom recently struck a deal with Oracle to supply as much as 2.8 gigawatts of fuel-cell power for the software company’s data centers. Sridhar said his firm’s modular power units can be used to scale up a data center more quickly with fewer emissions compared to gas turbines.
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The company’s shares have risen by more than 200% since the start of the year on the back of investor enthusiasm over potential demand for its technology to power data centers.
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Citi analyst Vikram Bagri sees the stock, which closed at $273.51 on Monday, as fully valued amid increasing competition to supply artificial intelligence capacity needs, according to a May 28 research note.
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—With assistance from Ryan Vlastelica.
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