Bloom Energy Stock Price, News & Analysis

Bloom Energy (NYSE: BE) released the '2025 Data Center Power Report' highlighting a significant energy gap in data center capacity. The report predicts 35 GW of new data center capacity will be announced within five years, equivalent to over 6x New York City's annual energy usage. The survey of ~100 data center leaders reveals that 55 GW of data center IT capacity is expected in the U.S. within five years, compared to today's 25 GW capacity.

Key findings show approximately 30% of sites are expected to use onsite power as primary energy source by 2030, more than double from seven months ago. This shift is driven by AI needs, time-to-power considerations, and the necessity to support fluctuating AI workloads. The report indicates data centers are increasingly adopting onsite power systems to address economic imperatives and reduce pressure on the aging power grid.

Bloom Energy (NYSE: BE) has established a project financing partnership with HPS Investment Partners and Industrial Development Funding (IDF). The partnership includes a $125 million commitment to fund 19 MW of Energy Server deployments in the first tranche. This collaboration enables funding of large projects through PPA structures, allowing customers to access clean, on-site power with zero upfront costs.

The partnership addresses growing demand for reliable energy solutions for data centers, manufacturing plants, and industrial facilities. It provides Bloom with new debt and equity capital sources to create special purpose project companies for electricity sales, while offering HPS and IDF opportunities to invest in energy transition technologies.

Bloom Energy (NYSE:BE) has signed a major supply agreement with American Electric Power (AEP) for up to 1 gigawatt (GW) of fuel cells, marking the largest commercial fuel cell procurement worldwide. The deal includes an initial 100-megawatt (MW) order, with additional expansions expected in 2025. The fuel cells will primarily power AI data centers, offering high power density of 100 MW per acre and 34% lower CO2 emissions compared to current PJM Interconnection resources. The solution virtually eliminates SOx and NOx emissions when running on natural gas and can operate on 100% hydrogen or blended fuels for future carbon footprint reduction.

Bloom Energy (NYSE: BE) reported Q3 2024 financial results with revenue of $330.4 million, marking a 17.5% year-over-year decrease. The company achieved a gross margin of 23.8%, up 25.1 percentage points YoY, while non-GAAP gross margin was 25.2%. Operating loss improved to $9.7 million, while non-GAAP operating profit decreased to $8.1 million.

The company announced what is expected to be the world's largest single-site fuel cell installation with SK Eternix, set to begin operations in 2025. Bloom Energy reaffirmed its 2024 guidance with expected revenue of $1.4-$1.6B, non-GAAP gross margin of ~28%, and non-GAAP operating income of $75-$100M.

Bloom Energy (NYSE: BE) has announced a historic 80 MW solid oxide fuel cell (SOFC) project in South Korea, marking the largest single-site fuel cell installation in history. The project, developed with SK Eternix, will power two ecoparks in North Chungcheong Province and is expected to begin operations in 2025. The project financing, led by Korea Development Bank, represents South Korea's largest fuel cell financing to date. Bloom Energy will supply SOFCs and manage equipment maintenance. The company currently has 1.3 GW deployed worldwide.

Bloom Energy (NYSE: BE) has secured a 20-megawatt agreement with FPM Development for solid oxide fuel cells across two locations in Los Angeles. The partnership aims to rapidly deploy power generation capacity by the end of 2024, addressing urgent power needs in Southern California. Bloom's Energy Server installations will be placed at repurposed commercial sites strategically selected to support growing electrical demand. The technology offers rapid deployment, flexibility, reliability, and clean power generation with no combustion and minimal emissions, operating on multiple fuels including natural gas, biogas, and hydrogen.

Bloom Energy (NYSE: BE) and Quanta Computer announced an expansion of their existing agreement to power AI hardware production. The deal increases Quanta's current Bloom SOFC installation power capacity by over 150%. The expanded partnership will create Bloom's largest islanded, load-following industrial installation and helps circumvent utility interconnection delays in Silicon Valley. The solution addresses Quanta's growing power needs for AI server manufacturing in Fremont, where grid power is constrained. Bloom plans to deliver the expanded capacity ahead of schedule in early next year, providing resilience against power outages and predictable energy costs.

Bloom Energy (NYSE: BE) has scheduled its Q3 2024 financial results announcement for November 7, 2024, after market close. Management will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET on the same day, lasting 60 minutes. The earnings call will be accessible via phone and webcast, with replay options available through phone for one week and through the company's investor website for one year.

Bloom Energy (NYSE: BE) has addressed market commentary regarding the recent Korea Hydrogen Portfolio Standard auction results. The company expects shipment volumes to Korea in 2024 and coming years to remain similar to recent years. Bloom reaffirmed its previous disclosure that partner SK ecoplant Co., is expected to purchase 500MW of Bloom solid oxide fuel cells between January 1, 2024 and December 31, 2027.

Bloom emphasizes its leadership in solid oxide fuel cell technology, highlighting 60% electrical efficiency using hydrogen and 90% combined heat and power efficiency. The company remains confident in its Korean partners and the transformative potential of its fuel cells in the Korean energy market. Bloom's Chief Commercial Officer, Aman Joshi, stated that Korea is an important market for the company and expressed confidence in SK's continued performance.