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• A cleaner, always-on Generac for businesses.
• Like the Tesla of onsite, clean power generation for businesses.

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• Bloom Energy Servers: Modular, on-site power generation systems that use solid oxide fuel cell technology to produce electricity with high efficiency and low emissions.
• Bloom Electrolyzers: Systems that utilize solid oxide technology to efficiently produce green hydrogen from water and renewable electricity.

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Bloom Energy (symbol: BE) primarily sells its solid oxide fuel cell energy platforms to other businesses and organizations (B2B). Its major customers typically include companies in the data center, retail, healthcare, manufacturing, and telecommunications sectors looking for resilient, sustainable, and cost-effective on-site power generation.

Major customer companies include:

• Alphabet Inc. (NASDAQ: GOOGL) - For Google's data centers and other facilities.
• Apple Inc. (NASDAQ: AAPL) - For data centers and corporate campuses.
• Walmart Inc. (NYSE: WMT) - For power generation at various retail locations.
• T-Mobile US, Inc. (NASDAQ: TMUS) - For providing reliable power for telecommunications infrastructure, including cell towers.
• SK ecoplant (a subsidiary of SK Group, whose publicly traded holding company is SK Inc., KRX: 034730) - A critical strategic partner and major customer for large-scale fuel cell deployments, particularly in South Korea.

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K.R. Sridhar, PhD Founder, Chairman and Chief Executive Officer

K.R. Sridhar is the founder, Chairman, and Chief Executive Officer of Bloom Energy. He co-founded Ion America, which later became Bloom Energy, in 2001 with the mission to make clean, reliable energy affordable globally. Prior to founding Bloom Energy, Dr. Sridhar was the Director of the Space Technologies Laboratory (STL) at the University of Arizona, where he also served as a professor of Aerospace and Mechanical Engineering. Under his leadership, STL secured numerous national contracts for research and development related to Mars exploration and flight experiments. Dr. Sridhar has served as an advisor to NASA and has led significant consortia involving industry, academia, and national laboratories. His work on converting Martian atmospheric gases to oxygen for propulsion and life support for the NASA Mars program earned him recognition from Fortune Magazine as "one of the top five futurists inventing tomorrow, today." He has also served as a strategic limited partner at Kleiner Perkins Caufield & Byers and as a special advisor to New Enterprise Associates, both prominent venture capital firms.

Daniel Berenbaum Chief Financial Officer

Daniel Berenbaum was appointed Chief Financial Officer of Bloom Energy, effective April 29, 2024. He brings over three decades of experience in financial and operational roles. Most recently, he served as Executive Vice President and Chief Financial Officer at National Instruments. His career also includes executive finance positions at Micron Technology, Everspin Technologies, and GlobalFoundries. Before these roles, Mr. Berenbaum spent ten years as a technology stock analyst on Wall Street. Earlier in his career, he held various technical and management roles at Applied Materials and served as a nuclear-power-trained surface line officer in the United States Navy.

Ravi Prasher, PhD Chief Technology Officer

Ravi Prasher serves as the Chief Technology Officer at Bloom Energy. He joined Bloom Energy in 2022.

Shawn Soderberg Chief Legal Officer and Corporate Secretary

Shawn Soderberg holds the position of Chief Legal Officer and Corporate Secretary at Bloom Energy. She has also been referred to as Executive Vice President, General Counsel and Secretary. Shawn Soderberg started at Bloom Energy in 2016.

Sonja Wilkerson Chief People Officer

Sonja Wilkerson is the Chief People Officer at Bloom Energy. She also holds the title of Executive Vice President, Chief People Officer.

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The key risks to Bloom Energy (BE) include:

1. Reliance on Government Incentives and Policy Changes: Bloom Energy's financial performance and business model are heavily reliant on government incentives, partnerships, and favorable regulatory policies. Any changes in these governmental supports, policies, or tariffs could negatively impact the company's operations and financial results.
2. Market Volatility and Macroeconomic Sensitivity: Bloom Energy's stock is highly susceptible to market volatility, with concerns about overvaluation and significant price swings in response to market events. The company's equity valuation is responsive to broader macroeconomic factors such as interest rates, trade risks, and investor sentiment regarding long-duration clean-energy investments.
3. Customer Demand Slowdown and Project Execution Risks: Elevated interest rates and economic uncertainty may cause commercial customers to delay or postpone significant capital investments. Delays in large projects, such as those related to AI data centers, could impact near-term orders and challenge Bloom Energy's ability to align its expanded manufacturing capacity with actual demand. The company also faces execution risks related to achieving consistent margin enhancement as it scales.

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The rapid advancement and commercialization of long-duration and next-generation battery energy storage systems (BESS), including technologies such as flow batteries and alternative chemistries, which are increasingly offering competitive solutions for continuous power, grid resiliency, and peak shaving, thereby directly challenging Bloom Energy's market for onsite distributed generation.

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Bloom Energy (NYSE: BE) participates in substantial addressable markets for its main products: solid oxide fuel cells (Bloom Energy Servers) for on-site power generation and solid oxide electrolyzers for hydrogen production.

• Total Addressable Market: Bloom Energy targets an overall addressable market of approximately $1.8 trillion, encompassing energy generation, hydrogen production, carbon capture, and marine industries globally.
• Stationary Fuel Cell Market: The global stationary fuel cell market, where Bloom Energy is a leader in solid oxide technology, is projected to grow from $1.06 billion in 2022 to $3.33 billion by 2030, with a compound annual growth rate (CAGR) of 15.4%. Key regions for this market include the United States, Japan, and South Korea.
• Hydrogen Market: The global hydrogen market was valued at an estimated $242.7 billion in 2023 and is forecast to grow at a CAGR of 7.8% from 2023 to 2030. Bloom's electrolyzer business is anticipated to capture a significant portion of future decarbonization revenue.
• AI Data Center Market: Bloom Energy is actively addressing the growing demand for on-site power from AI data centers, which they consider a "once-in-a-generation opportunity." The company has secured orders exceeding 300 MW for fuel cells in data center applications. A $5 billion partnership with Brookfield Asset Management focuses on deploying Bloom's fuel cell technology for AI factories, particularly in Europe.

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Bloom Energy (symbol: BE) is positioned for significant revenue growth over the next 2-3 years, driven by several key factors:

1. Expansion in the AI Data Center Market: The surging demand for electricity from AI data centers represents a "once-in-a-generation opportunity" for Bloom Energy. The company's fuel cell technology is well-suited for the high power demands, fast deployment requirements, and energy efficiency needs of these facilities. Bloom Energy has noted ongoing active negotiations and strategic partnerships related to large AI data center opportunities.
2. International Market Expansion: Bloom Energy is actively pursuing significant international commercial opportunities, particularly in Europe and Asia. The company highlighted a notable agreement for an 80-megawatt fuel cell project in South Korea in partnership with SK Eternix and Korea Development Bank. Bloom Energy aims for international revenue to contribute 30% of its total revenue in 2025, indicating a strong focus on global growth.
3. Increased Production Capacity: To meet anticipated demand and support projected revenue growth, Bloom Energy is on track to double its annual production capacity to 2 gigawatts by December 2026. This expansion is expected to support approximately four times the full-year fiscal 2025 revenue, ensuring the company can scale to meet customer needs.
4. Strategic Partnerships and Customer Growth: Key partnerships are bolstering Bloom Energy's market penetration. A significant $5 billion collaboration with Brookfield for AI infrastructure projects positions Bloom as a "preferred on-site provider" for Brookfield's global portfolio. Additionally, agreements such as the 20-megawatt project with FPM Development in Los Angeles and ongoing negotiations with other utility companies across the U.S. contribute to customer base expansion.
5. Continuous Product Cost Reductions and Efficiency Improvements: Bloom Energy consistently emphasizes its focus on reducing the cost of its core Energy Servers by 10% or more per year and improving manufacturing efficiencies. These efforts enhance gross margins and make Bloom's solutions more competitive and appealing to a broader range of customers, further driving adoption and revenue growth. The company's fuel cells have become more efficient, producing significantly more power than in the past.

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Share Issuance

• In August 2020, Bloom Energy priced an offering of $200.0 million in 2.50% green convertible senior notes due 2025, which was upsized from $135.0 million. An additional $30.0 million was purchased, increasing the total outstanding aggregate principal amount to $230.0 million.
• Prior to October 2025, Bloom Energy completed a follow-on offering of 14,950,000 shares of Class A common stock at $26.00 per share, generating gross proceeds of $389 million for general corporate purposes.
• In October/November 2025, Bloom Energy priced an upsized offering of $2.2 billion (from $1.75 billion) aggregate principal amount of 0% convertible senior notes due 2030, with an option for an additional $300.0 million, potentially reaching $2.5 billion. Concurrently, Bloom exchanged approximately $532.8 million of 2028 notes for cash and 24.3 million shares, and $443.1 million of 2029 notes for cash and 18.1 million shares.

Inbound Investments

• In October 2025, Brookfield and Bloom Energy announced a $5 billion strategic partnership for AI infrastructure, with Brookfield investing up to $5 billion to deploy Bloom's fuel cell technology and become the preferred onsite power provider for Brookfield's global AI factories.
• SK ecoplant invested $255 million by acquiring 10 million shares, strengthening a strategic partnership for global distribution and leadership in hydrogen.
• Bloom Energy secured $75 million in funding through a White House initiative to accelerate clean energy manufacturing and expand its Fremont facility.

Capital Expenditures

• Bloom Energy's capital expenditures averaged $69.427 million from fiscal years 2020 to 2024, peaking at $116.8 million in December 2022.
• Expected capital expenditures for 2025 are estimated at $55.14 million.
• The company plans to invest $100 million to double its manufacturing capacity from 1 gigawatt (GW) to 2 GW by the end of 2026 to meet increasing demand, particularly from data centers. This investment is projected to support approximately $3.4 billion in sales at full capacity.