Here are 1-2 brief analogies to describe Bloom Energy:

• The Tesla of business electricity: Bloom Energy offers clean, on-site power generation through advanced fuel cells, much like Tesla disrupts the automotive and energy storage markets with innovative, sustainable technology, but focused on businesses' direct electricity needs.
• A next-generation power equipment provider, akin to a specialized Caterpillar or Cummins: Instead of traditional generators or engines, Bloom Energy focuses entirely on highly efficient, low-emission fuel cell systems for continuous, on-site electricity generation for commercial and industrial clients.

• Bloom Energy Server: Solid oxide fuel cells that efficiently convert fuels like natural gas, biogas, or hydrogen into clean electricity on-site.
• Bloom Electrolyzer: Solid oxide electrolyzers that efficiently produce green hydrogen from water and electricity.
• Carbon Capture Technology: Solutions integrated with their fuel cells designed to capture carbon dioxide emissions directly from the energy generation process.
• Energy as a Service (EaaS): A financial/utility service model where Bloom Energy owns, operates, and maintains its energy systems, selling the generated electricity to customers through long-term agreements.

Bloom Energy (NYSE: BE) primarily sells its energy servers and electrolyzers to other companies (a B2B model) rather than directly to individuals. Their major customers typically include large corporations seeking reliable, resilient, and often lower-carbon on-site power generation solutions, as well as those interested in hydrogen production.

Here are some of Bloom Energy's major customer companies:

• SK ecoplant (a subsidiary of SK Inc. - KRX: 034730): A significant strategic partner and customer, particularly for deployments in South Korea and for hydrogen economy initiatives.
• Equinix (NASDAQ: EQIX): A global digital infrastructure company, utilizing Bloom Energy servers for powering its data centers.
• Intel Corporation (NASDAQ: INTC): A leading technology company, employing Bloom Energy's solutions for its facilities.
• Apple Inc. (NASDAQ: AAPL): A multinational technology company that uses Bloom Energy servers at some of its facilities.
• Walmart Inc. (NYSE: WMT): A multinational retail corporation, deploying Bloom Energy servers at various locations.
• Google (NASDAQ: GOOGL): A multinational technology company (part of Alphabet Inc.), reportedly using Bloom Energy for some of its data centers and facilities.

KR Sridhar, Founder, Chairman and Chief Executive Officer

KR Sridhar co-founded Ion America in 2001, which later became Bloom Energy, where he currently serves as Founder, Chairman, and Chief Executive Officer. Before founding Bloom Energy, he was the Director of the Space Technologies Laboratory (STL) at the University of Arizona and a professor of Aerospace and Mechanical Engineering. Under his leadership, STL secured national contracts for Mars exploration research for NASA, and his work on converting Martian atmospheric gases to oxygen for NASA was recognized by Fortune Magazine, which named him "one of the top five futurists inventing tomorrow, today." Dr. Sridhar has also served as a strategic limited partner at Kleiner Perkins Caufield & Byers and 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 thirty years of experience in financial and operational leadership. Prior to joining Bloom Energy, he served as Executive Vice President and Chief Financial Officer at National Instruments. His career includes executive finance roles at other high-tech companies such as Micron Technology, Everspin Technologies, and GlobalFoundries. Berenbaum also spent a decade on Wall Street as a technology stock analyst. Earlier in his career, he held technical and management positions at Applied Materials and served as a nuclear-power-trained surface line officer in the United States Navy.

Ravi Prasher, Chief Technology Officer

Ravi Prasher serves as the Chief Technology Officer at Bloom Energy. Prior to his current role, he held the position of Executive Vice President of Engineering at Bloom Energy. Dr. Prasher's background includes significant academic and research contributions in heat transfer and energy systems, having previously worked at Lawrence Berkeley National Laboratory where he led the Energy Conversion Group. He also held a faculty position at Purdue University.

Sonja Wilkerson, Executive Vice President and Chief People Officer

Sonja Wilkerson is the Executive Vice President and Chief People Officer at Bloom Energy. She is responsible for leading Bloom Energy's global human resources organization, focusing on talent acquisition, development, and retention, as well as fostering a strong company culture. Her career includes extensive experience in human resources leadership roles at various technology and energy companies, driving HR strategy and initiatives to support business growth.

Shawn Soderberg, Executive Vice President, Chief Legal Officer and Corporate Secretary

Shawn Soderberg holds the positions of Executive Vice President, Chief Legal Officer and Corporate Secretary at Bloom Energy. In this role, she oversees all legal, compliance, and corporate governance matters for the company. Prior to joining Bloom Energy, Ms. Soderberg had a distinguished legal career, including serving as Executive Vice President, General Counsel and Secretary at other public companies in the technology sector. Her expertise encompasses corporate law, mergers and acquisitions, intellectual property, and regulatory compliance.

Intense and rapidly growing competition in the hydrogen electrolyzer market from established industrial players and specialized hydrogen technology companies.

Accelerating development and deployment of alternative hydrogen-fueled power generation technologies, such as hydrogen-ready gas turbines and engines, by major industrial conglomerates.

Bloom Energy (symbol: BE) operates in several significant addressable markets for its main products and services, primarily focusing on clean and reliable energy solutions.

Solid Oxide Fuel Cells (SOFCs) / Bloom Energy Servers

Bloom Energy's core product is its solid oxide fuel cells, branded as Bloom Energy Servers, which generate electricity onsite for various sectors, including data centers, manufacturing, and other commercial applications.

• Global Market Size: The global solid oxide fuel cell market was valued at approximately $1.0 billion to $2.04 billion in 2024. This market is projected to grow substantially, with estimates reaching $4.7 billion by 2033 (CAGR of 15.7% from 2025 to 2033), $11.61 billion by 2030 (CAGR of 31.2% from 2025), and $12.55 billion by 2032 (CAGR of 25.72%).
• Regional Focus: North America held a significant share of the global SOFC market, accounting for over 34.52% in 2024, and is projected to continue its growth due to investments in clean energy and resilient power infrastructure. The Asia Pacific region also represents a substantial portion of the market, with a 44.61% share in 2024, driven by rising investments.
• Data Center Specific Market: The demand for onsite power solutions for data centers is a major driver for Bloom Energy. In the U.S., an additional 55 GW of data center IT capacity is expected to come online within the next five years, compared to 25 GW existing today. By 2030, AI infrastructure demands are anticipated to consume 8-12% of U.S. electricity, creating a 35 GW power gap that onsite solutions like Bloom Energy's can address. Approximately 30% of all data center sites are expected to utilize onsite power as a primary energy source by 2030.

Electrolyzers (for Hydrogen Production)

Bloom Energy also manufactures electrolyzers, which are crucial for producing hydrogen.

• Global Market Size: The global electrolyzer market was valued at approximately $544.8 million in 2024 and is projected to reach $1.067.5 million by 2033, exhibiting a CAGR of 7.14% during 2025-2033. Other estimates are significantly higher, with one report valuing the market at $5.77 billion in 2024, projected to reach $182.38 billion by 2032 (CAGR of 57.43%), and another at $489.1 million in 2023, projected to reach $52,322.3 million by 2030 (CAGR of 94.9%).
• Regional Focus: Asia Pacific dominated the electrolyzer market with a 90.64% market share in 2024, while North America also held a leading position with over 42.0% of the global industry revenue share in 2023.

Carbon Capture Technology

In partnership with Chart Industries, Bloom Energy is developing carbon capture technology to process the CO2 exhaust from its fuel cells.

• Global Market Size: The addressable market for carbon capture is significant, with Morgan Stanley estimating that more than 500 million tonnes per annum (MTPA) of global carbon storage capacity is expected to become available within the next five years. Bloom's technology is designed to make carbon capture more efficient and cost-effective due to its concentrated CO2 exhaust stream.

Bloom Energy (BE) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Surging Demand from AI and Data Centers: The increasing power demands from Artificial Intelligence (AI) and data centers are a significant driver for Bloom Energy. The company's fuel cell technology is well-suited for providing reliable, scalable, high-density on-site power required by these energy-intensive operations. Bloom Energy has secured strategic partnerships, including agreements with Oracle, Brookfield Asset Management, and AEP for AWS, to deploy its fuel cell systems in AI infrastructure, positioning it as a preferred provider in this rapidly expanding sector.
2. Significant Production Capacity Expansion: To meet anticipated demand, Bloom Energy is actively doubling its manufacturing capacity from 1 gigawatt to 2 gigawatts by December 2026. This substantial capacity expansion is projected to support approximately four times the company's 2025 revenue, enabling Bloom Energy to scale its operations and fulfill a growing pipeline of customer orders.
3. Expansion into New Geographic Markets: Bloom Energy is pursuing growth through international expansion and by penetrating new domestic markets. Beyond its strong presence in Korea, the company is actively expanding into regions like the Midwest, Mid-Atlantic, Mountain West, and Texas, as well as other international cities. This diversification of its customer base across different geographies is expected to open new revenue streams.
4. Growth in the Electrolyzer Business for Hydrogen Production: The ramp-up in electrolyzer sales, which are crucial for producing hydrogen, is another expected driver of revenue growth. This segment represents a significant opportunity in the clean energy transition, as Bloom Energy's technology supports the production of green hydrogen, a key component for decarbonization efforts.
5. Improved Product Competitiveness through Cost Reductions and Manufacturing Efficiencies: Bloom Energy's continuous focus on product cost reductions and manufacturing efficiencies is leading to improved gross and operating margins. While not a direct revenue driver, these operational improvements enhance the competitiveness of Bloom's offerings, potentially enabling more attractive pricing and better market penetration, thereby indirectly supporting and sustaining overall revenue growth.

Share Issuance

• In August 2020, Bloom Energy issued $230.0 million in 2.50% green convertible senior notes due 2025.
• In October/November 2025, Bloom Energy priced an upsized offering of $2.2 billion in 0% convertible senior notes due 2030, with an option for initial purchasers to acquire an additional $300.0 million.
• Concurrently with the 2025 offering, the company is exchanging approximately $532.8 million of its 2028 notes and $443.1 million of its 2029 notes for cash and a total of approximately 42.4 million shares of Class A common stock (24.3 million shares for 2028 notes and 18.1 million shares for 2029 notes).

Inbound Investments

• In October 2025, Bloom Energy announced a $5 billion strategic partnership with Brookfield to deploy Bloom's fuel cell technology for AI infrastructure, marking Brookfield's first investment through its dedicated AI Infrastructure strategy.

Capital Expenditures

• Bloom Energy's capital expenditures averaged $69.427 million from fiscal years 2020 to 2024.
• Capital expenditures peaked in December 2022 at $116.8 million and were $58.852 million in 2024.
• The company plans to double its factory capacity from 1 GW to 2 GW by the end of 2026, indicating a primary focus on manufacturing expansion.