美国超大规模云服务商正竞相为人工智能热潮建设数据中心，却受制于电网瓶颈，难以获得快速可靠的电力供应，燃料电池由此日益受到青睐。
Fuel cells are gaining traction among US hyperscalers racing to build data centers for the AI boom but struggling with grid constraints to secure quick and reliable power.
能源研究公司Rystad Energy预计，数据中心燃料电池投资将从2025年的28亿美元增至2030年的约300亿美元。
Energy research firm Rystad Energy projects investments in fuel cells for data centers to rise to about $30 billion by 2030 from $2.8 billion in 2025.
燃料电池通过天然气或氢气等燃料与氧气发生化学反应发电，将燃料的能量直接转化为电能，而非燃烧燃料。
A fuel cell generates electricity through a chemical reaction between a fuel, such as natural gas or hydrogen, and oxygen, converting the fuel's energy directly into electricity rather than burning it.
布鲁姆能源（Bloom Energy，股票代码BE.N）采用固体氧化物技术，已可支持100%纯氢运行；FuelCell Energy（股票代码FCEL.O）则采用熔融碳酸盐技术，氢气混合比例上限为40%，尽管两套系统均可灵活使用多种燃料。数据中心需要大量可靠电力，以全天候运行计算设备和冷却系统。
Bloom Energy (BE.N) operates solid-oxide technology ready for 100% pure hydrogen, while FuelCell Energy (FCEL.O) uses molten carbonate technology capped at 40% hydrogen blends, even as both systems are fuel-flexible. Data centers require massive amounts of reliable electricity to run computing equipment and cooling systems around the clock.
据Rystad估计，将大规模电力负荷接入美国电网可能需要三到六年，这促使开发商探索现场自备电源。
Linking large electricity loads to the US grid can take three to six years, according to Rystad estimates, prodding developers to explore on-site power sources.
布鲁姆能源首席执行官KR·斯里达尔在周四的财报后电话会议上表示：“我们宣布了与甲骨文（Oracle，股票代码ORCL.N）的首个项目，在不到两个月内就向其犹他州站点供电。”
"We announced our first project with Oracle (ORCL.N) and delivered power to their Utah site in less than two months," Bloom CEO KR Sridhar said on a post-earnings call on Thursday.
“我们在新泽西州与Nebius（股票代码NBIS.O）也实现了同样的目标。我们在签订合同后三个月内就获得了规划委员会对燃料电池的批准。”Rystad预测，2030年美国预计数据中心容量中约40%可能采用专用现场供电，而非完全依赖电网。
"We are achieving the same thing with Nebius (NBIS.O) in New Jersey. We were able to get planning board approvals for our fuel cells within three months ofg the contract." Rystad predicts that about 40% of projected US data-center capacity in 2030 could pursue dedicated on-site power rather than rely entirely on the grid.
与传统燃气发电相比，燃料电池的局部排放也更低，因为其电堆内部不涉及燃烧过程。
Fuel cells also produce lower local emissions than conventional gas-fired generation, as they avoid combustion within the stack.
布鲁姆能源第三季度营收激增138%，达到12.4亿美元。公司净利润为2.503亿美元，而去年同期亏损2310万美元。该公司将2026年营收预期上调至44亿至46亿美元。
Bloom's third-quarter revenue surged 138% to $1.24 billion. The company posted net profit of $250.3 million, compared to a year-earlier loss of $23.1 million. It raised its 2026 revenue forecast to $4.4 billion to $4.6 billion.
美国云计算巨头甲骨文公司（ORCL.N）计划采购高达 2.8 吉瓦（GW）的 Bloom 燃料电池系统，其中 1.2 GW 已签订合同。
US cloud computing giant Oracle (ORCL.N) intends to procure up to 2.8 gigawatts (GW) of Bloom fuel-cell systems, of which 1.2 GW has been contracted.
FuelCell 同样瞄准数据中心市场。首席执行官杰森·富（Jason Few）对路透社表示：“‘上电时间’已变得与‘电力成本’同等重要。”该公司预计，数据中心及相关业务将在两到三年内占其业务的 75% 至 85%，高于目前的 25% 至 30%。
FuelCell is also targeting data centers. CEO Jason Few told Reuters that "time to power has really become as important as cost of power." The company expects data centers and related business to account for 75%-85% of its business within two to three years, up from 25%-30% currently.
Rystad Energy 估计，该行业的订单量约为 9 GW，其中包括涉及甲骨文、美国电力公司（AEP.O）、Equinix（EQIX.O）和布鲁克菲尔德（BN.TO）的框架协议。此类协议不一定代表全额容量的正式订单。
Rystad estimates the industry's order book at roughly 9 GW, including framework agreements involving Oracle, AEP (AEP.O), Equinix (EQIX.O) and Brookfield (BN.TO). Such agreements do not necessarily represent firm orders for the full stated capacity.
Rystad 预计，燃料电池年制造产能将从目前约 1.8 GW 增至 2030 年的 4 GW。
Rystad expects annual fuel-cell manufacturing capacity to rise to 4 GW by 2030 from about 1.8 GW currently.
“对于 100 兆瓦以上的项目，时间表的最大决定因素通常是场地就绪情况、许可审批和配套基础设施，而非燃料电池技术本身，”Bloom 首席商务官阿曼·乔希（Aman Joshi）对路透社表示。
"For 100 MW-plus projects, the biggest determinants of timeline are typically site readiness, permitting, and supporting infrastructure, not the fuel-cell technology itself," Bloom Chief Commercial Officer Aman Joshi told Reuters.
项目仍需天然气接入、许可审批、变压器和开关设备，这些都可能延缓部署。
Projects still need gas connections, permits, transformers and switchgear, which can delay deployment.
燃料电池可作为电网电力的补充，即使它们也在与其他现场发电技术竞争。
Fuel cells can complement grid power, even as they compete with other on-site generation technologies.
增长取决于供应商能否以有竞争力的成本交付系统，以及开发商能否建设项目并确保燃料供应。
Growth depends on whether suppliers can deliver systems at competitive costs and developers can build projects and secure fuel.