US private credit platform Industrial Development Funding (IDF) and Oaktree Capital Management have agreed to invest $1.7 billion to support fuel cell developer Bloom Energy in deploying its solid oxide fuel system (SOFC) at Nebius’ AI cloud data centers.
– Bloom Energy
Nebius and Bloom signed an offtake agreement in May to support the company’s AI data center buildout in the US market. As part of the deal, Bloom will supply Nebius with dedicated behind-the-meter power. According to Nebius, Bloom was chosen primarily for its speed to power, clean technology, and ability to support the performance and availability demands of AI workloads.
IDF is the lead developer on the project, with Oaktree taking a minority equity stake.
"By bringing together institutional capital and critical power infrastructure, IDF and Bloom are unlocking the next generation of energy solutions and are proud to help Nebius meet the energy demands of the AI economy," said Nik Nunes, CEO of IDF.
