Bloom Energy is reportedly backing massive Panama-based AI data center projects, per RBC analysis.

Shares of Bloom Energy Corp. (BE) gained focus after analysts at RBC suggested the company could be the unnamed supplier behind two planned 1.2-gigawatt AI data center projects in Panama. According to TheFly, RBC stated that EdgeMode's newly announced projects could represent an expansion of its existing partnership with Bloom Energy.

EdgeMode disclosed that the two Panama developments will utilize solid oxide technology but stopped short of identifying the technology provider. RBC noted that Bloom Energy is a leading supplier of solid oxide fuel cells, making it a logical candidate for the projects. While the firm acknowledged there is no confirmation that Bloom will supply the systems, it argued the announcement reinforces the strength of demand for the company's fuel cell technology.

RBC maintained its "Outperform" rating on Bloom Energy's shares, with a price target of $335 that implies an upside potential of approximately 50% from current levels.

The RBC assessment follows another bullish call from JPMorgan earlier in the week, which raised its price target on Bloom Energy to $346 from $267 while reiterating an "Overweight" rating. JPMorgan cited the recent pullback in Bloom shares as creating a compelling entry point, pointing to broad-based order growth and a strengthening project pipeline ahead of second-quarter earnings, while flagging policy risks for parts of the broader clean energy sector.

Bloom Energy is scheduled to report Q2 earnings on July 28. Wall Street expects the company to report earnings per share of $0.41 on revenue of $827 million. During the same period a year ago, Bloom reported EPS of $0.10 on revenue of $401 million.

Bloom Energy has been expanding its footprint in AI infrastructure as hyperscalers seek faster ways to secure power for new data centers. Last month, the company and Brookfield expanded their strategic partnership to $25 billion from $5 billion, increasing funding for AI power projects fivefold. The companies stated the expanded collaboration will finance Bloom's rapidly deployable onsite fuel cell systems, reflecting strong demand from hyperscalers and AI infrastructure developers for reliable power that can be deployed faster than traditional grid connections. Brookfield said the expanded commitment strengthens its ability to deliver integrated AI infrastructure spanning power, data centers, compute and capital, while Bloom stated the agreement underscores the growing need for clean, reliable power to support the rapid buildout of AI facilities.

BE stock was up 159% year-to-date and 737% over the past 12 months.