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MTAR Technologies Falls After Bloom Energy Shares Slide on Data Centre Project Pause
MTAR Technologies shares declined nearly 4% after its key customer, Bloom Energy, witnessed a sharp fall in the US market following reports of a pause in a major AI-linked data centre project. The development raised concerns over the execution timeline of Bloom Energy’s fuel-cell deployment pipeline, although long-term growth prospects tied to AI data centres remain intact.
By Finblage Editorial Desk
10:30 am
11 June 2026
Shares of MTAR Technologies came under pressure on June 11, declining nearly 4% after a sharp correction in the share price of its key customer, Bloom Energy, in the United States. Investor sentiment weakened following reports that a major energy data centre project associated with the AI infrastructure buildout had been put on hold.
The project, linked to Crusoe’s energy-focused data centre expansion, was reportedly paused, triggering concerns about the pace of execution of Bloom Energy’s commercial fuel-cell deployment pipeline. Bloom Energy's shares fell around 10% in US trading following the reports.
MTAR Technologies is a significant manufacturing partner for Bloom Energy and derives approximately 55-65% of its revenue from the company. MTAR manufactures critical components, including hot box assemblies and solid oxide fuel cell systems, which are used in Bloom Energy’s clean-energy solutions.
Despite the near-term setback, MTAR remains a major beneficiary of the growing adoption of solid oxide fuel-cell technology in AI-driven data centres. The company has been expanding its manufacturing capabilities to meet anticipated demand from Bloom Energy’s growing order pipeline.
As part of its expansion plans, MTAR aims to increase hot box production capacity from 8,000 units to 20,000 units by December 2026, with a further increase to 30,000 units by FY28.
The long-term outlook continues to be supported by Bloom Energy’s expanding relationship with Oracle. Recently, Bloom Energy increased its fuel-cell capacity commitment to Oracle from 1.2 GW to 2.8 GW. Oracle is deploying Bloom’s solid oxide fuel-cell systems to provide on-site power for AI-focused data centres.
According to analysts at Motilal Oswal Financial Services, the expanded Oracle agreement could potentially translate into additional orders worth ₹1,400 crore to ₹1,700 crore for MTAR Technologies. This represents nearly 1.6 to 1.8 times the company’s estimated FY26 revenue, highlighting the scale of the opportunity.
While concerns over project execution have weighed on sentiment in the short term, Bloom Energy continues to be viewed as an important player in the clean-energy and AI infrastructure ecosystem, with increasing adoption of its fuel-cell technology among large-scale data centre operators.
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This article is compiled from publicly available information, including company disclosures, stock exchange filings, regulatory announcements, and reports from global and domestic financial publications. The content has been editorially reviewed and enhanced by the Finblage Editorial Desk for clarity and investor awareness purposes only.
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