12:30 PM EDT, 04/29/2026 (MT Newswires) -- Bloom Energy (BE) is seeing strong demand for its fuel cell solutions given the time to power, grid constraints, water scarcity, and community air-quality concerns linked to alternative solutions, RBC Capital Markets said Wednesday.

Amid accelerating demand, Bloom Energy is scaling capacity to 5 gigawatts from 2 gigawatts, with a recent air permit indicating it has the regulatory approval to start scaling its California facility, according to the note.

RBC estimates equipment backlog at over $15 billion. If orders remain consistent with previous commentary, then demand could exceed 2 GW in 2027 and double to more than 4 GW in 2028, the brokerage said.

RBC maintained an outperform rating on Bloom Energy and raised the price target to $335 from $143.

Shares of the company rose 21% in Wednesday trading.

Price: 278.74, Change: +52.37, Percent Change: +23.13