American Electric Power (AEP) plans to invest about $4 billion in a 702-megawatt fuel cell generation project near Cheyenne, Wyoming, supplying power to Google under a 20-year power purchase agreement. Google will buy electricity from Cheyenne Fuel Cell, LLC, which is about 92% owned and controlled by AEP, with nearly 8% held by funds advised by Basalt Infrastructure Partners. Construction is set to begin in 2026, with full operation expected by the end of 2028. The facility uses Bloom Energy fuel cell technology to deliver on-demand power without burning natural gas, and plans include carbon capture for near-zero-emissions output. The project supports AEP's broader plan to invest $78 billion from 2026 through 2030 to meet growing demand from large-scale customers.
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- AEP to invest $4bn in 702MW fuel cell project for Google
American Electric Power (AEP) plans to invest about $4bn in a 702MW fuel cell power project near Cheyenne, Wyoming, backed by a 20-year power purchase agreement with Google. AEP holds roughly 92% of the project entity, with the remaining 8% owned by funds advised by Basalt Infrastructure Partners; construction starts in 2026 and full operations are targeted for the end of 2028. The facility will use Bloom Energy fuel cell technology to generate power from natural gas without combustion, and plans to add carbon capture for near-zero-emissions power. Last month, the Public Utilities Commission of Ohio received a grant of about $216m from the US Department of Energy to upgrade AEP's transmission infrastructure, including $107.95m awarded through the SPARK programme and matched by AEP.
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Bloom Energy (BE) shares slipped more than 3% overnight as an AI stock selloff weighed on the company. Separately, American Electric Power (AEP) said it will invest about $4 billion in a 702-megawatt fuel cell project near Cheyenne, Wyoming, under a 20-year power purchase agreement with Google, with Bloom Energy expected to supply the technology. AEP controls about 92% of the project company, Cheyenne Fuel Cell, LLC, with construction starting in 2026 and full operation targeted by the end of 2028. The broader selloff followed ChangXin Memory Technologies’ plans for next-generation DRAM products, which raised concerns that Chinese chipmakers could gain ground. BE stock is up more than 175% in 2026, while AEP has gained nearly 12%.
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- Bloom Energy Stock Is 31% Below Its Record. Here's Where I Think It Will Be in 2030.
Bloom Energy closed at $239.34 on Oct. 14 after dropping 9%, about 31% below its June 22 record of $345.85. The author forecasts 2030 revenue of about $12 billion, roughly triple the midpoint of 2026 guidance, and adjusted earnings near $7.75 per share on about 340 million diluted shares. At 30 times those earnings, he arrives at a fair price around $230, roughly 4% below the Oct. 14 close, and about $180 in a more conservative scenario with margins near 21%. He cites risks including margin pressure, fading tax-loss carryforwards, and a short-seller report questioning the company's accounting, which Bloom rejected. He concludes the company will likely be larger in 2030, but prefers a lower price before buying the stock.
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