Fuel cell firm Bloom Energy has inked a major infrastructure deal with investment giant Brookfield to power artificial intelligence data centers.

Brookfield will invest up to $5B to deploy Bloom’s advanced fuel cell technology at AI data centers around the world, the firms announced Monday.

The companies say they are collaborating on the design and delivery of AI data centers across multiple global markets, with a European project due to be announced by the end of the year.

Silicon Valley-based Bloom is a developer of on-site power solutions for data centers and other industrial applications through what is known as solid oxide fuel cell technology. Bloom’s units convert fuel to electricity through an electrochemical reaction instead of combustion, a process that works with hydrogen, natural gas and other fuels and is marketed as having far lower emissions than combustion-based power generation.

Brookfield’s partnership with Bloom comes amid an industrywide push to find sources of electricity for data centers besides utilities.

With wait times for grid connections nearing a decade in many data center markets, developers are increasingly building their own on-site generation or contracting “behind the meter” with firms that develop and operate power plants. According to a study published by Bloom earlier this year, more than a quarter of new data centers will produce most of their own power on-site by 2030.

“Behind-the-meter power solutions are essential to closing the grid gap for AI factories,” Brookfield Global Head of AI Infrastructure Sikander Rashid said in a written statement. “As the world’s largest AI infrastructure investor, this partnership adds a powerful new tool to our global growth strategy, especially in a grid-constrained market environment.”

According to Brookfield, the partnership marks its first investment through a dedicated AI infrastructure strategy it announced in August that focuses on investing in large AI data centers, power and other related industries.

The investment giant is already one of the largest players in the data center and digital infrastructure ecosystem, with more than $100B in the sector, and it controls over $550B in related assets. These investments include stakes in data center firms like Compass Datacenters and Centersquare, as well as deals with power providers like Duke Energy. Brookfield also inked a deal in July to supply Google with up to 3 gigawatts of hydroelectric power.

For Bloom, the deal will add to what the company says is hundreds of megawatts already deployed at data centers. It has existing partnerships with data center operators like Equinix and Oracle, as well as a data center-focused partnership with utility American Electric Power.

Bloom Energy's share price surged Monday following news of the Brookfield deal, jumping more than 20% in early trading.