Who Bloom Energy buys from and sells to
Makes solid-oxide fuel cells that turn natural gas into on-site power, now sold mainly for AI data centres.
Buys from 2
- Specialty materials and component suppliersceramics, metals and sub-assemblies, some sole-sourced
- Natural gas utilitiesfuel the installed servers run on
Sells to 5
- BrookfieldBAMfuel-cell systems bought through Brookfield fund JVs~43% of FY2025 revenue (FY2025 10-K)
- OracleORCLon-site fuel-cell power for OCI data centres
- American Electric PowerAEPfuel cells for data-centre customers, up to 1 GW
- EquinixEQIXon-site power for colocation sites
- SK ecoplantdistributor of fuel cells in South Korea
Where the chain could break
- Three customers ~68% of 2025 revenue, the largest a Brookfield related-party JV
- Some materials sole-sourced; rare earths in sub-assemblies come from China
- Runs on natural gas, so gas prices and pipeline access set customer economics
Competes with
- GE VernovaGEVaeroderivative turbines for behind-the-meter power
- CaterpillarCATgas gensets and turbines for on-site power
- FuelCell EnergyFCELcompeting fuel-cell power plants
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.