AI TRENDS | CICC Notes Bloom Energy-Nebius Deal and SOFC Supply Chain Focus for Data Centers

A CICC research report said Bloom Energy and Nebius reached a cooperation agreement in May 2026 covering 328 MW of installed system capacity, with maximum service fees of up to $2.6 billion during the cooperation period. According to Jin10, CICC said Bloom Energy’s annual production capacity had reached 1 GW by the end of 2025, and the company plans to expand capacity to 2 GW by the end of 2026 to match surging demand from AI data centers. The report said solid oxide fuel cell (SOFC) systems may become a new solution for powering data centers. On equipment and components, CICC suggested focusing on two areas. First are suppliers that have already entered leading original equipment manufacturers such as Bloom Energy, including segments involving diaphragm plates, magnetic components, cell connection assemblies, and temperature sensors. Second are segments with low localization rates and higher technical barriers. CICC said that as SOFC scaling drives cost reductions, some high-end equipment still relies on overseas suppliers. Using the balance-of-plant (BOP) for a 250 kW SOFC system as an example, the report said that when annual output rises from 100 units to 10,000 units, the cost share of the heat recovery system increases from 17% to 23%. CICC said the heat exchanger is a core component in the heat recovery system, with higher requirements for airtightness and resistance to thermal cycling. The report added that high-power combustors and high-end air blowers, such as magnetic-levitation models, still mainly depend on imports, and key technologies remain to be developed.