Key Highlights

  • Shares rose 6.26% pre-market to $208.54 from a $196.25 close.
  • Non-binding MOU targets 1 GW or more of fuel cell power with carbon capture.
  • Projects could make up to 3 million metric tons of CO2 available for storage annually.

Bloom Energy (NYSE:BE) shares rose 6.26% in pre-market trading on Tuesday to $208.54, from a Monday close of $196.25. The stock had fallen 3.41% in the prior session.

MOU Targets 1 GW of Fuel Cell Power With Carbon Capture

California Resources (NYSE:CRC) and its carbon management business, Carbon TerraVault, signed a non-binding memorandum of understanding with Bloom to jointly evaluate and target 1 GW or more of solid-oxide fuel cell power generation paired with carbon capture and storage in California.

The partners would pair Bloom's fuel cell and third-party capture technology with Carbon TerraVault's CO2 transportation and permanent storage. The projects represent up to 3 million metric tons per annum of CO2 potentially available for capture and storage, spanning front-of-the-meter and behind-the-meter projects in Central and Northern California.

The partners will also look for offtake customers, including utilities, community choice aggregators, municipalities, data centers and other industrial users. Bloom's Chief Commercial Officer said the non-combustion approach makes capture more efficient and economically viable at scale.

Business Profile and Valuation Data

Bloom is a San Jose, California maker of solid-oxide fuel cell systems for on-site power generation, with about 2,200 employees. Its recent record Revenue growth has been driven by Demand for fast-to-deploy power for AI infrastructure.

At $208.54, the shares sit about 41% below the 52-week high of $351.28 and about 175% above the 52-week low of $75.70. Market Capitalization is about $58.00 billion, with a forward price-to-earnings ratio of 41.45 and a trailing ratio of 120.10.

Definitive Agreements and Permits to Follow

MOUs are non-binding, and the projects remain subject to definitive documents, final Investment decisions and EPA Class VI permits and other regulatory approvals. Investors will watch for progress on those conditions.