Bloom Energy, the San Jose-based manufacturer of solid oxide fuel cells, anticipates a policy-driven increase in contracts from waste-to-energy developers this year and next year.
CEO KR Sridhar said during the company’s 3Q earnings call that between 200 MW and 300 MW of potential new waste-to-energy sales had come into the company’s pipeline, driven in part by passage of the Inflation Reduction Act.
While he declined to state a number, Sridhar said the company expects some of those to begin contracts this year and next.
New developers are emerging in the waste-to-energy space, he noted, including many in agriculture and wastewater treatment that are looking for greater energy security.
Bloom recorded record third quarter revenue of $292.3 million in 2022, an increase of 41.1% compared to $207.2 in the third quarter of 2021.
During the call Shridhar highlighted the company’s relationship with Taylor Farms and the effort to install a microgrid capable of taking one of their California food processing facilities completely off the traditional energy grid.
Additionally, the company is working with Westinghouse Electric Company to pursue clean hydrogen production in the commercial nuclear power market. Shridhar declined to give specifics but said the companies are actively pursuing several opportunities.
Bloom will double production capacity, with a focus on its Fremont facility, year-over year by the end of 4Q and plans to again double capacity next year, CFO Greg Cameron said on the call. Investment in the Fremont facility through 2023 will be about USD 200m and the company could consider new manufacturing facilities after that.
Bloom Energy also recently inaugurated a high volume commercial electrolyzer line at the company’s plant in Newark, Delaware.
