Bloom Energy Corp (BE)

Bloom Energy designs, manufactures, and sells advanced solid oxide fuel cell-based energy platforms, principally the Bloom Energy Server, which generates on-site electricity from natural gas, biogas, hydrogen, or fuel blends through a non-combustion electrochemical process, and the Bloom Electrolyzer, which produces clean hydrogen and is in early stages of commercialization. With approximately 1.2 gigawatts of Energy Servers deployed across more than 1,200 locations in seven countries, the company serves customers in utilities, data centers, agriculture, retail, hospitals, higher education, biotech, and manufacturing, addressing needs for resilient, reliable, and sustainable "time to power" solutions amid grid capacity constraints, aging infrastructure, extreme weather risks, and rising electricity demand from trends like AI-driven data centers. Its platform supports applications including microgrids, carbon capture, combined heat and power, waste-to-energy, and marine fuel cells, and nearly all revenue to date derives from Energy Server sales.

The company manufactures at multi-gigawatt-scale facilities in Fremont, California, and Newark, Delaware, and operates a joint venture with SK ecoplant in South Korea, which is Bloom's second-largest market with more than 492 megawatts deployed and serves as the primary distributor of its systems in that country; SK ecoplant is also a related party and significant shareholder, with purchase commitments extending through 2027 and a joint electrolyzer sale for a South Korean green hydrogen transportation project. The U.S. remains Bloom's largest market by revenue and installed base, and the company is expanding internationally, having signed contracts in 2023 in Italy, the U.K., Germany, Belgium, Taiwan, and Thailand, with smaller deployments in India, Japan, and additional projects developing in Southeast Asia and Australia. Bloom also partners with global financing and distribution firms to offer "electricity-as-a-service" and works with developers on waste-to-energy opportunities using biogas from dairies, landfills, and wastewater facilities.

The Bloom Electrolyzer, leveraging the same solid oxide technology, platform, and supply chain as the Energy Server, targets clean hydrogen production for hard-to-abate industries such as heavy manufacturing and zero-carbon transportation fuels, with a notable deployment at NASA Ames Research Center achieving record efficiency and testing by Idaho National Laboratory. Competitively, the company positions its Energy Server against gas engines, combined heat and power systems, utility grid power, diesel backup generators, intermittent solar and wind (with or without storage), traditional co-generation systems, and other fuel cell technologies (PEM, MCFC, PAFC), emphasizing superior reliability, resiliency, sustainability, cost predictability, and rapid deployment as key differentiators. As of December 31, 2023, the company held 325 active U.S. patents and 145 active international patents.