Bloom Energy awarded $75m in tax credits for clean energy manufacturing expansion
Bloom Energy Inc. (NYSE: BE), a renowned leader in the field of clean energy solutions, has been awarded up to $75 million in tax credits by the U.S. Department of Energy, Department of Treasury, and the Internal Revenue Service. This significant financial incentive comes under the Qualifying Advanced Energy Project 48C initiative, aiming to bolster domestic manufacturing and enhance the production capacity of fuel cells and electrolyzers. Bloom Energy’s commitment to this initiative is highlighted by its multi-gigawatt Fremont, California, manufacturing plant, which stands at the forefront of high-efficiency fuel cell stack manufacturing. These stacks are crucial components of Bloom Energy’s proprietary Energy Server platform and the innovative Bloom Electrolyzer™.
This funding is part of a larger $4 billion in tax credits recently announced by the White House. The initiative underlines the federal government’s determination to accelerate domestic clean energy manufacturing and significantly reduce greenhouse gas emissions across industrial sectors. KR Sridhar, Founder, Chairman, and CEO of Bloom Energy, expressed gratitude and confidence in this federal endorsement, emphasizing its pivotal role in enhancing operational efficiency and expanding stack capacity at the Fremont facility. This expansion is crucial for Bloom to continue providing resilient and timely power solutions to its diverse customer base.
The state-of-the-art Fremont facility, which recently opened its doors, not only expands Bloom’s operational footprint to over 524,000 square feet but also underscores the company’s role in the clean energy job market, with the potential to add the equivalent of a nuclear power plant’s capacity annually. Satish Chitoori, Bloom’s Chief Operating Officer, lauded the Qualifying Advanced Energy Project Tax Credit as a testament to Bloom’s commitment to scaling domestic manufacturing and its contribution to the clean energy sector.
Bloom Energy’s advanced solid oxide technology allows its fuel cells to operate with high efficiency and without combustion, offering a flexible and customizable energy solution that balances cost, resilience, and sustainability.
With more than a gigawatt of capacity already deployed, Bloom Energy is at the forefront of leveraging data analytics to enhance energy server performance, marking a significant advancement in clean energy technology.
Bloom Energy is on a mission to make clean, reliable energy affordable worldwide. The Bloom Energy Server provides a clean, cost-effective, and reliable electricity supply, ideally suited for microgrid applications. Bloom’s clientele includes Fortune 100 companies and industry leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and more, demonstrating the broad appeal and applicability of its clean energy solutions.