Bloom Energy Drives Landmark Decarbonization with Ferrari

Rhea-AI Summary

Bloom Energy expands its reach into Europe by partnering with Ferrari to install a one megawatt (MW) solid oxide fuel cell system at its headquarters in Maranello, Italy. This initiative aims to support Ferrari's goal of achieving carbon neutrality in manufacturing by 2030. The fuel cells will provide 5% of the necessary energy for Ferrari's operations while reducing gas requirements by 20% and emissions, aligning with Italy's national hydrogen strategy. This marks a significant milestone for Bloom Energy as it ventures into the European market.

Positive

• Partnership with Ferrari enhances Bloom Energy's market presence in Europe.
• Installation of a one megawatt solid oxide fuel cell supports Ferrari's carbon neutrality goal for 2030.
• Fuel cells are expected to reduce gas requirements by 20% and provide 5% of Ferrari's energy needs.

Negative

• None.

Energy innovator enters European market with partnership that pushes boundaries of clean power at Ferrari’s headquarters in Maranello, Italy

SAN JOSE, Calif.--(BUSINESS WIRE)-- Bloom Energy (NYSE: BE) today set a new pace for Ferrari’s drive to achieve carbon neutrality in manufacturing by 2030, announcing a one megawatt (MW) installation of Bloom’s solid oxide fuel cells at Ferrari’s expanding manufacturing facility and headquarters in Maranello, Italy.

Ferrari CEO Benedetto Vigna and Bloom Energy Founder, Chairman, and CEO, KR Sridhar in front of the new Bloom Energy Server installation at Ferrari's headquarters and manufacturing facility in Maranello, Italy. (Photo: Business Wire)

The partnership with Ferrari, a global leader in the luxury and automotive sectors for 75 years, marks Bloom’s entry into the European Union and Italy and is the first step toward potentially larger projects between the two companies.

Bloom Energy’s highly efficient platform converts fuels such as hydrogen, biogas, or natural gas into clean electricity without combustion. Through Bloom’s solid oxide platform, Ferrari is expected to be able to reduce its fuel consumption and carbon emissions at its manufacturing facility while unlocking cost and sustainability benefits.

Operating at superior efficiencies, Bloom Energy Servers will initially provide 5 percent of the energy needed at Ferrari’s Maranello headquarters and manufacturing center.

The Bloom Energy Servers are expected to cut gas requirements by around 20% from the combined heat and power (CHP) system now in use at Ferrari, while also reducing emissions. This will enable Ferrari to bolster energy conservation amid record-high energy prices, while simultaneously reducing greenhouse gas emissions and improving local air quality, with virtually zero harmful air pollutant emissions such as sulfur oxides, nitrogen oxides, and particulate matter.

“Ferrari is a legendary trailblazer in the luxury automotive industry, and Bloom Energy commends their commitment to leading in both operational excellence and carbon neutrality across their entire value chain by 2030,” said KR Sridhar, founder, chairman, and CEO, Bloom Energy. “By collaborating, we’re showcasing how energy-intensive industries, such as manufacturing, can be decarbonized through clean, reliable energy. Ferrari, like Bloom Energy, has a commitment to uniqueness, innovation, technology leadership, and continuous learning that makes them the ideal partner for Bloom’s entry into the European manufacturing landscape, where energy resilience is more crucial than ever. Bloom Energy’s fuel cell platform is a best-in-class solution for a best-in-class luxury automaker.”

Bloom Energy’s fuel-flexible platform also equips Ferrari to lead the race in Italy’s emerging hydrogen economy. According to Italy’s Ministry of Economic Development, the country plans to cover a fifth of its overall energy demand from hydrogen by 2050. The flexibility of Bloom’s platform will allow Ferrari to generate carbon-free electricity from hydrogen and other zero-carbon fuel sources.

For more information about Bloom Energy’s decarbonization platform and the company’s commitment to a net-zero future, visit: https://www.bloomenergy.com/technology/powering-the-future/

Forward-Looking Statements

This press release contains certain forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding the collaboration with Ferrari, including plans to install solid oxide fuel cells at Ferrari’s Maranello plant, any future collaborations, plans, or projects with Ferrari, and benefits from the collaboration with Ferrari, such as reductions in costs, fuel consumption (including gas requirements), and carbon and greenhouse gas emissions, sustainability and energy conservation improvements, carbon-free electricity or other zero-carbon fuel generation, and progress towards any net-zero emissions or decarbonization goals. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 6, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220623005335/en/

Media Contact:

Jennifer Duffourg

480.341.5464

jennifer.duffourg@bloomenergy.com

Investor Relations:

Ed Vallejo

267.370.9717

Edward.Vallejo@bloomenergy.com

Source: Bloom Energy

FAQ

What is Bloom Energy's partnership with Ferrari about?

Bloom Energy has partnered with Ferrari to install a one megawatt solid oxide fuel cell system at Ferrari's headquarters in Maranello, Italy, aimed at supporting Ferrari's carbon neutrality goals.

What are the expected benefits of Bloom Energy's installation at Ferrari?

The installation is expected to reduce gas requirements by 20% and provide 5% of the energy needed at Ferrari's manufacturing facility.

When does Ferrari aim to achieve carbon neutrality in manufacturing?

Ferrari aims to achieve carbon neutrality in manufacturing by 2030.

How does Bloom Energy contribute to reducing emissions for Ferrari?

Bloom Energy's solid oxide fuel cells will help reduce Ferrari's fuel consumption and carbon emissions significantly.

What is the ticker symbol for Bloom Energy?

The ticker symbol for Bloom Energy is BE.