Bloom Energy to Receive up to $75 million in Federal Tax Credits for Fremont Manufacturing Plant
April 08 2024 - 4:03PM
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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version on businesswire.com: https://www.businesswire.com/news/home/20240408582026/en/
Bloom Media Contact: Amanda Song
press@bloomenergy.com
Bloom Investor Relations: Ed Vallejo
edward.vallejo@bloomenergy.com
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