Bloom Energy hails signing of the Inflation Reduction Act
Fuel cell and electrolyzer pioneer could benefit from nine key provisions of historic step in America’s transition to clean energy.
SAN JOSE, Calif., Aug. 16, 2022 –Bloom Energy Corporation (NYSE: BE) today hailed President Joe Biden’s signing of the Inflation Reduction Act (IRA) as an historic step in America’s transition to clean energy and for its support of the technologies and financial mechanisms that will make that a reality.
“The IRA is truly a game changer for Bloom Energy,” said KR Sridhar, chairman, CEO and founder. “While some companies may benefit from one or two parts of the IRA, we believe that Bloom can capitalize on nine key provisions. They range from the hydrogen production tax credit (PTC) to tax credits for microgrid and biogas equipment, and support for American factories like ours.”
Bloom Energy recently celebrated the grand opening of a multi-gigawatt manufacturing plant in Fremont, California. The state-of-the-art 164,000 square foot facility represents a $200 million investment and is expected to create more than 400 additional clean energy jobs by year-end, bringing Bloom’s California headcount to nearly 2,000. Bloom also operates a manufacturing plant in Newark, Delaware, that employs nearly 700 people.
“Bloom has the most efficient electrolyzer on the market, and the hydrogen PTC will make our zero-carbon hydrogen cost competitive with conventional gray hydrogen,” said Sharelynn Moore, executive vice president and chief marketing officer, Bloom Energy. “This is critical for decarbonizing hard-to-decarbonize industries like fertilizer, steel, cement, and aviation. Second, by bringing more hydrogen to market, it will increase demand for hydrogen-powered Bloom Energy Servers. We look forward to serving more key industrial segments and to making clean, reliable, resilient power the centerpiece of America’s 21st century infrastructure.”
“The Inflation Reduction Act will benefit the people of America and the global environment for decades to come,” said Carl Guardino, executive vice president, global government affairs and policy, Bloom Energy. “American workers, like those now employed in our California and Delaware facilities, can establish high-growth, well-paying careers in clean energy as American companies like Bloom Energy stake out leadership positions in the technologies that will make our cities, towns and rural areas better places to live. Bloom commends the policymakers who made this transformative legislation a reality.”
Forward-Looking Statements
This press release contains certain forward-looking statements that 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, Bloom’s expectations regarding the global demand for hydrogen, the economic feasibility of hydrogen, the use of nuclear facilities in the production of hydrogen, the efficiency of its electrolyzer and the cost of hydrogen produced therefrom at commercial production. 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, 2021, filed with the SEC on February 25, 2022, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 6, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.
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