Bloom Energy stock soars 48% after major deal with American Electric Power

Bloom Energy's stock jumped nearly 48% on Friday after announcing a major deal to supply up to 1 gigawatt of fuel cells to American Electric Power. This deal is significantly larger than a previous agreement for an 80-megawatt system in South Korea. The initial order for the AEP deal is 100 megawatts, with additional orders planned for 2025. This new contract could lead to revenues exceeding $7 billion for Bloom Energy, based on historical data. Bloom Energy has recently improved its financial performance, achieving gross profit margins of nearly 24% in the third quarter. The new deal may help the company reach profitability for the first time.