Bloom Energy, a fuel cell development company, has secured a $5 billion investment from Brookfield Asset Management, which will go towards the development of AI-powered data centers. 

The partnership between the two companies marks the “first phase” of the joint AI infrastructure strategy, and the construction of a European site is expected to be announced before the end of the year, Bloom Energy said. 

The investment from Brookfield comes as the asset manager has invested over $100 billion into digital infrastructure worldwide, as Brookfield seeks to expand in AI strategies focused on investing in power solutions, AI factories, infrastructure, and partnerships. 

In June, Brookfield announced its plans to build a $10 billion AI data center in Sweden and to pour roughly $23.15 billion into AI-related projects in France, which also includes the first AI factory in the country. 

Over the past year, Bloom Energy has deployed massive amounts of megawatts of its fuel cell technology to data centers and has partnered with Oracle, American Electric Power, and Equinix. 

Many financial institutions are gaining momentum on AI and energy-related projects, as there is a wider push across multiple sectors to search for cleaner alternatives to traditional power sources. 

“AI infrastructure must be built like a factory—with purpose, speed, and scale,” KR Sridhar, CEO, founder, and chairman of Bloom Energy, said. “Unlike traditional factories, AI factories demand massive power, rapid deployment and real-time load responsiveness that legacy grids cannot support. The lean AI factory is achieved with power, infrastructure, and compute designed in sync from day one.” 

Brookfield estimates the total spending on AI infrastructure will surpass $1 trillion this decade and $7 trillion over the next 10 years.