Bloom Energy to Receive up to $75 million in Federal Tax Credits for Fremont Manufacturing Plant

Bloom Energy Inc. (NYSE:BE), a leading provider of clean energy solutions, was recently awarded up to $75 million in tax credits by the Department of Energy, Department of Treasury, and the Internal Revenue Service under the Qualifying Advanced Energy Project 48C initiative.

Bloom was selected for this award for its commitment to expand domestic manufacturing and fuel cell and electrolyzer production capacity at its multi-gigawatt Fremont, California manufacturing plant. At the heart of Bloom Energy’s recently opened Fremont facility is the ability to manufacture high-efficiency fuel cell stacks, which serve as the foundational technology for the company’s Energy Server platform and Bloom Electrolyzer.

The funding is part of the $4 billion in tax credits recently announced by the White House under the Qualifying Advanced Energy Project Tax Credit to accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities.

“The $75 million of funding from the Federal government is a vote of confidence in Bloom’s commitment to domestic manufacturing, in our solid oxide technology, and in our mission to facilitate the energy industry’s decarbonization,” said KR Sridhar, Founder, Chairman and CEO of Bloom Energy. “These funds will enable us to invest in the operational efficiency of our Fremont facility and accelerate the expansion of our stack capacity, so that we can continue to deliver timely, resilient power solutions to our customers.”

Bloom’s state-of-the-art 164,000 square foot Fremont manufacturing facility, which celebrated its grand opening in 2022, expanded Bloom’s footprint to more than 524,000 square feet and has created hundreds of clean energy jobs. The facility’s annual output can produce over 1 gigawatt, the equivalent capacity of adding a nuclear power plant every year.

“The Qualifying Advanced Energy Project Tax Credit is a highly sought after government incentive that brings financial support to over 100 projects across 35 states to accelerate domestic clean energy manufacturing and decarbonization,” said Bloom Chief Operating Officer Satish Chitoori. “The $75 million tax credit, equaling up to 30% of expenditures to expand the Fremont capacity, recognizes our commitment to scaling domestic manufacturing, so we are grateful to have been among the companies to receive the credit for capital projects.”