Bloom Energy to Receive up to $75 million in Federal Tax Credits for Fremont Manufacturing Plant

Published 8 months ago via Business Wire

A world leader in fuel cell electricity production to expand fuel cell manufacturing and advance operating efficiency at Fremont, CA facility

Bloom Energy Inc. (NYSE:BE), a leading provider of clean energy solutions, was recently awarded up to $75 million in tax credits by the Department of Energy, Department of Treasury, and the Internal Revenue Service under the Qualifying Advanced Energy Project 48C initiative.

Bloom was selected for this award for its commitment to expand domestic manufacturing and fuel cell and electrolyzer production capacity at its multi-gigawatt Fremont, California manufacturing plant. At the heart of Bloom Energy’s recently opened Fremont facility is the ability to manufacture high-efficiency fuel cell stacks, which serve as the foundational technology for the company’s Energy Server® platform and Bloom Electrolyzer™.

The funding is part of the $4 billion in tax credits recently announced by the White House under the Qualifying Advanced Energy Project Tax Credit to accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities.

“The $75 million of funding from the Federal government is a vote of confidence in Bloom’s commitment to domestic manufacturing, in our solid oxide technology, and in our mission to facilitate the energy industry’s decarbonization,” said KR Sridhar, Founder, Chairman and CEO of Bloom Energy. “These funds will enable us to invest in the operational efficiency of our Fremont facility and accelerate the expansion of our stack capacity, so that we can continue to deliver timely, resilient power solutions to our customers.”

Bloom’s state-of-the-art 164,000 square foot Fremont manufacturing facility, which celebrated its grand opening in 2022, expanded Bloom’s footprint to more than 524,000 square feet and has created hundreds of clean energy jobs. The facility’s annual output can produce over 1 gigawatt, the equivalent capacity of adding a nuclear power plant every year.

“The Qualifying Advanced Energy Project Tax Credit is a highly sought after government incentive that brings financial support to over 100 projects across 35 states to accelerate domestic clean energy manufacturing and decarbonization,” said Bloom Chief Operating Officer Satish Chitoori. “The $75 million tax credit, equaling up to 30% of expenditures to expand the Fremont capacity, recognizes our commitment to scaling domestic manufacturing, so we are grateful to have been among the companies to receive the credit for capital projects.”

The Bloom Energy platform provides reliable, resilient, and sustainable energy to businesses and communities. Bloom’s fuel cells are based on a proprietary solid oxide technology and operate at high efficiency without combustion, allowing for flexible deployment and operating customization based on a combination of cost, resilience, and sustainability considerations. With over a gigawatt of installed capacity in the field, Bloom currently receives and monitors a billion real-time performance data points every day and has advanced the use of data analytics in the energy sector to optimize the performance of its Energy Servers.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Forward Looking Statements

This press release contains certain forward-looking statements, which 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, expectations for receiving U.S. federal tax credits in connection with our proposed investment in the Fremont manufacturing facility to expand capacity. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, our ability to comply with the terms of the tax credit, including our proposed investment in the Fremont manufacturing facility, and other risks and uncertainties detailed in Bloom’s SEC filings. 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, 2023, filed with the SEC on February 15, 2024, as well as subsequent reports filed with or furnished to the SEC. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements.

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