AEP named Google as the buyer for a $4 billion Wyoming fuel cell plant on October 14, 2026, and Bloom Energy stock fell anyway
The 702-megawatt Bloom fuel cell order had been disclosed in January; on announcement day Bloom closed 8.16% below its premarket price.
- AEP will spend about $4 billion on a 702-megawatt fuel cell plant near Cheyenne, Wyoming, selling the power to Google for 20 years.
- Bloom Energy supplies the fuel cells; its stock rose 1.27% in the first minute but closed at $239.34, 8.16% below its premarket level.
- AEP had disclosed a $2.65 billion fuel cell purchase for a Cheyenne plant on January 8, 2026, when Bloom jumped as much as 18.5%.
Reaction by asset (real prices)
| Asset | 2m before | At release | +1m | +10m | +1m % | +10m % |
|---|---|---|---|---|---|---|
| BE Volume 2.3× normal in 15 min |
260.60 | 260.60 | 263.90 | 262.29 | +1.27% | +0.65% |
American Electric Power said on Wednesday, October 14, 2026, that it will spend about $4 billion on a 702-megawatt fuel cell power plant near Cheyenne, Wyoming, and sell its output to Google under a 20-year power purchase agreement, using fuel cells from Bloom Energy. Bloom's shares still closed at $239.34 that day, 8.16% below the $260.60 they traded at in premarket trading just before the announcement.
The announcement reached the MoveSurge news feed at 8:02:36 a.m. ET. Bloom rose to $263.90 within a minute, a gain of 1.27%, and was at $262.29 ten minutes later, up 0.65%. The losses came in regular trading, on a day when a hotter-than-expected September inflation report pushed bond yields up and hit the companies tied to AI data-center spending hardest. Bloom had fallen 15.6% in the week to Thursday morning.
Most of the deal was public in January
The plant itself was not new. In a filing on January 8, 2026, AEP said an unregulated subsidiary had agreed on January 4 to buy solid oxide fuel cells for about $2.65 billion for a plant near Cheyenne, with a 20-year contract to sell all of its output to a "high investment grade third party customer." Bloom's stock jumped as much as 18.5% that day. The October announcement named the customer as Google, raised the total investment to about $4 billion and set the size at 702 megawatts, so much of the news had already reached Bloom's stock in January.
- November 2024: AEP agrees to buy up to 1 gigawatt of Bloom fuel cells for data centers and other large customers.
- January 4, 2026: AEP's unregulated subsidiary agrees to buy about $2.65 billion of fuel cells for a plant near Cheyenne; disclosed January 8.
- October 14, 2026: AEP names Google as the buyer of the plant's power for 20 years and puts the investment at about $4 billion.
- End of 2028: Full operation expected, with construction starting in 2026.
What AEP and Google agreed
Google buys the power from Cheyenne Fuel Cell, LLC, which AEP owns and controls at about 92%, with funds advised by Basalt Infrastructure Partners holding nearly 8%. The plant is held outside AEP's regulated utilities. At about $4 billion for 702 megawatts, the project costs roughly $5.7 million per megawatt. AEP did not disclose the price Google will pay, and as of October 16 it had not said whether the offtake conditions in its January agreement had been met.
Why did Bloom Energy stock fall on October 14, 2026?
The AEP order behind the Google plant had been disclosed in January, when Bloom rose as much as 18.5%, and a hot inflation report hit AI-related stocks that day. Bloom closed at $239.34, 8.16% below its premarket level before the announcement.
How big is AEP's fuel cell plant for Google?
702 megawatts near Cheyenne, Wyoming, at a cost of about $4 billion, with power sold to Google under a 20-year agreement and full operation expected by the end of 2028.
Who supplies the fuel cells for the AEP Google project?
Bloom Energy, under the agreement for up to 1 gigawatt of fuel cells that AEP signed with Bloom in November 2024.
Sources
-
AEP Advances Innovative Energy Solution for Google with 702MW of Bloom Fuel Cells
— American Electric Power (release via Finviz)
About $4 billion for a 702 MW fuel cell plant near Cheyenne under a 20-year PPA with Google; AEP about 92% and Basalt funds nearly 8%; construction from 2026, full operation by end of 2028; Bloom cells under the up-to-1 GW agreement.
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Google secures electricity deal with AEP for Wyoming fuel cell plant
— Bloomberg
Independent report of the AEP and Google agreement.
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AEP puts $4 billion into a 702 MW fuel cell plant for Google but has not said its offtake conditions are met
— mgrid
Links the January 2026 fuel cell agreement to the Google plant; the PPA price was not disclosed.
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Bloom Energy got good news from Oracle and fell anyway
— 24/7 Wall St.
Bloom closed at $239.34 on October 14 and was down 15.6% over the prior week; hot CPI and higher yields weighed.
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AEP Form 8-K, January 8, 2026
— American Electric Power (SEC filing via Boardroom Alpha)
On January 4, 2026 an unregulated AEP subsidiary agreed to buy solid oxide fuel cells for about $2.65 billion for a plant near Cheyenne with a 20-year offtake for 100% of output.
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Bloom Energy stock spikes as much as 18% on $2.65 billion deal
— FXStreet
Bloom rose as much as 18.5% on January 8, 2026.
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