Welcome to our dedicated page for Bloom Energy Corporation news (Ticker: BE), a resource for investors and traders seeking the latest updates and insights on Bloom Energy Corporation stock.
Bloom Energy Corporation (NYSE: BE) is a leading provider of innovative and efficient on-site primary power generation systems. The company's hallmark product, the Bloom Energy Server, utilizes proprietary solid-oxide fuel cell technology initially developed for NASA's Mars program. This cutting-edge technology offers businesses a reliable, cleaner, and cost-effective alternative to the traditional electric power grid. The Energy Servers are capable of using natural gas, biogas, and hydrogen to generate constant, 24/7 electricity for various stationary applications.
Bloom Energy's commitment to reducing greenhouse gas emissions and lowering operating costs has attracted a prestigious client base that includes several Fortune 500 companies such as Google, Walmart, AT&T, eBay, and The Coca-Cola Company. Additionally, notable non-profit organizations like Caltech and Kaiser Permanente are leveraging Bloom's technology to enhance their energy resiliency and sustainability.
In recent years, Bloom Energy has expanded its technological horizons by announcing plans to enter the electrolyzer market, applying its cutting-edge fuel cell technology to create sustainable hydrogen fuel. This strategic move underscores Bloom Energy's ongoing commitment to innovation and environmental stewardship.
Financially, Bloom Energy has secured significant investments and partnerships, including being the first clean energy technology venture backed by prominent investment firms Kleiner Perkins and NEA. The company primarily markets its systems in the United States and South Korea, positioning itself as a pivotal player in the global energy landscape.
The latest news highlights Bloom Energy's groundbreaking projects and partnerships, reflecting its position as a trailblazer in the clean energy sector. Stay tuned for the latest updates and developments about Bloom Energy on StockTitan.
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 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) 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) 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.
InspIR Group, a leading cross-border strategic investor relations and Sustainability consultancy, has announced the appointment of Ed Vallejo as Managing Director, effective September 16, 2024. Vallejo brings over two decades of experience as a senior financial and operational executive, with expertise in financial strategy, planning, modeling, and Sustainability.
Vallejo's notable career includes a 15-year tenure at American Water Works (NYSE: AWK), where he launched the company's investor relations function and pioneered integrated IR and ESG reporting. He also led American Water's IPO on the NYSE and consistently ranked first or second in the All-American Executive Team for Utilities and ESG. Most recently, Vallejo served as Vice President of Investor Relations at Bloom Energy (NYSE: BE).
This appointment aims to strengthen InspIR's senior advisory capability in the U.S. and emerging markets, leveraging Vallejo's extensive experience in critical issues facing clients today.
Bloom Energy (NYSE: BE) reported second quarter 2024 financial results with revenue of $335.8 million, an 11.5% increase year-over-year. The gross margin improved to 20.4% from 18.7%. The operating loss was $23.1 million, a significant improvement from the $54.5 million loss in Q2 2023. The non-GAAP operating loss was $3.2 million, improving from $25.9 million. Bloom issued 3% convertible green notes to strengthen its balance sheet. The company also announced partnerships with CoreWeave and Silicon Valley Power to provide energy solutions.
For the full-year 2024, Bloom reaffirmed its financial guidance with revenue expected between $1.4-$1.6 billion and a non-GAAP operating income of $75-$100 million. The company's CEO emphasized the growing demand for electricity and Bloom's position to capitalize on this opportunity. A conference call will be held on August 8, 2024, to discuss these results.
Bloom Energy (NYSE:BE) has announced a breakthrough in its Solid Oxide Fuel Cell (SOFC) technology, achieving ~60% electrical efficiency using 100% hydrogen. This milestone, reached at their R&D facility in Fremont, California, positions Bloom as a leader in the hydrogen industry. The Bloom Energy Server™ power solution offers significant advantages over traditional combustion technologies, including higher efficiency and negligible environmental pollutants.
Key features of Bloom's SOFC technology include:
- Fuel flexibility: operates on natural gas, hydrogen, and blends
- Combined Heat and Power (CHP) enabled, allowing for up to 90% combined efficiency
- High-temperature heat output, suitable for various industrial applications
- Potential for wider adoption of hydrogen as a fuel source due to high efficiency
This advancement is particularly relevant for energy-intensive industries like data centers and advanced manufacturing, offering a solution for 24/7 clean power production in conjunction with other renewable sources.
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