Bloom Energy (BE) Soars 14.9% as New 900-MW Plant Sparks Rosy Prospects

We recently published 11 Stocks Crushing Wall Street With Whopping Gains. Bloom Energy Corporation (NYSE:BE) is one of the top performers on Tuesday.

Shares of Bloom Energy jumped by 14.90 percent on Tuesday to finish at $84.57 apiece as investors loaded portfolios following reports of a new giant power plant in Wyoming that would utilize its fuel cells.

In a market note, RBC Capital reported that BFC Power LLC filed an application with the Wyoming Department of Environmental Quality for the construction of a new 900-MW power plant in Laramie, Wyoming using Bloom Energy Corporation’s (NYSE:BE) fuel cells.

According to RBC Capital, the plant would support a 1.8 GW data center being developed by Crusoe and Tallgrass. If approved, the new development is expected to start construction as early as next year.

RBC Capital viewed the project as a significant growth opportunity for Bloom Energy Corporation (NYSE:BE), adding that its fuel cells have various advantages such as quick deployment, high reliability, flexibility, and have lower emissions.

Photo by Tommy Krombacher on Unsplash

“We believe the application is another proof point for how Bloom is able to support the build out of behind-the-meter co-located datacenters,” the investment firm said.

Bloom Energy Corporation (NYSE:BE) currently holds an “outperform” rating and a $75 price target from RBC Capital.

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Disclosure: None. This article is originally published at Insider Monkey.