Two major investment firms announced Thursday a $1.7 billion commitment to deploy fuel-cell technology as a power source for artificial intelligence cloud infrastructure.
Industrial Development Funding, known as IDF, and U.S.-based asset manager Oaktree said they will funnel the investment into Bloom Energy’s fuel-cell systems, with a specific focus on providing dedicated electricity for Nebius’ AI computing operations.
According to the companies, the funding will support behind-the-meter power generation — meaning electricity produced directly on-site — allowing Nebius to keep pace with rapidly growing demand for AI computing capacity. IDF is taking the lead role in developing the Nebius project, while Oaktree is coming in as a minority equity partner.
The announcement reflects a broader shift in the data center industry, where operators are increasingly looking to nuclear energy, renewable sources, and fuel cells to satisfy the enormous and growing appetite for power driven by AI and cloud computing. That shift is sparking billions of dollars in new infrastructure investment across the sector.
Bloom Energy has attracted significant attention from major investors. In 2025, Brookfield agreed to invest as much as $5 billion in Bloom’s fuel-cell technology specifically to power data centers.
Fuel cells work differently from conventional power generation. Rather than burning fuel, they produce electricity through a chemical reaction. Depending on the type of fuel used, the process can result in byproducts like water and heat — making the technology a cleaner option compared to traditional combustion-based power generation.
