Energy · Profile from Energy Research Companion
Bloom Energy
The Silicon Valley maker of solid-oxide fuel cells that spent two decades selling an expensive, subsidy-dependent box to corporations who liked its clean-air story — and then, in 2024–26, found the customer it had been built for: a data centre that cannot wait five years for a grid connection. Founded in 2001 as Ion America by KR Sridhar, a former NASA-funded Mars researcher, Bloom launched the "Bloom Box" on 60 Minutes in February 2010, listed in July 2018 at $15 a share, survived a short-seller report (Sep 2019) and a restatement of its managed-services accounting (Feb 2020), and by 2026 had become one of the fastest-growing equipment suppliers to AI campuses: up to 1 GW for AEP (Nov 2024), up to $5bn of Brookfield-financed deployments (Oct 2025), Oracle, Equinix and a ~$2.6bn Nebius partnership (May 2026, reported). Q3 2026 revenue was a record ~$1.24bn (+138% year on year), and 2026 guidance rose to $4.4–4.6bn (company, 22 Oct 2026). Its product turns natural gas into electricity without combustion at ~50–60% electrical efficiency; its business is selling time to power — on-site megawatts in months rather than a grid queue measured in years.
At a glance
- Founded
- 2001, as Ion America (KR Sridhar and team from the University of Arizona's NASA-funded Mars oxygen project; reported); renamed Bloom Energy (~2006, verify)
- Headquarters
- San Jose, California (manufacturing in Newark, Delaware and Fremont, California; JV plant in Gumi, South Korea — verify current footprint)
- Ownership / structure
- Public (NYSE: BE) since 25 Jul 2018 IPO at $15/share; added to the S&P 500 in Oct 2026 (reported); SK ecoplant a significant holder after 2021–23 investments (verify current stake)
- Leadership (2026)
- KR Sridhar (founder, chairman and CEO); Simon Edwards (CFO from Apr 2026, previously Groq's CFO and CEO — reported); Aman Joshi (chief commercial officer, verify)
- Products
- Bloom Energy Server (solid-oxide fuel cell, ~300 kW modules aggregated to tens or hundreds of MW; natural gas, biogas or hydrogen); Bloom Electrolyzer (solid-oxide electrolysis, from 2021); microgrid and combined heat options
- Scale
- Q3 2026: revenue $1,235.8m (+138.1%), product revenue $1,073.6m, gross margin 33.8%, GAAP EPS $0.78, operating cash flow −$27.1m (company, 22 Oct 2026); YTD revenue ~$3.1bn (+~145%, reported); 2026 guidance $4.4–4.6bn (raised from $3.9–4.2bn); two customers ~43% and ~26% of Q3 revenue
- Backlog
- ~$20bn total and ~$6bn product backlog at end-2025 (company, Q4 2025 release; ~2.5x product backlog year on year); no Q3 2026 dollar figure given
- Signature moves (incl. failures)
- Founding as Ion America (2001); "Bloom Box" launch (2010); IPO (2018); Hindenburg report and managed-services restatement (2019–20); SK ecoplant partnership and electrolysers (2021); AEP up to 1 GW (Nov 2024); Oracle, Brookfield and Equinix data-centre deals (2025); Nebius partnership and the Vineland permits fight (2026); the scandium short report and record quarter (2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2001
Ion America Founding and the NASA Cell
Founding / technology bet
2010
Bloom Box Launch
Product launch / route to market
2018
IPO
Spin-off or IPO / financing
2020
Managed Services Restatement
Accounting restatement / regulatory and legal action (failure)
2021
SK ecoplant Partnership and Electrolysers
Partnership / technology bet
2024
AEP 1 GW Fuel Cell Agreement
Offtake or supply contract
2025
Oracle Brookfield and Equinix Data Centre Deals
Supply contracts / financing partnership
2026
Nebius Partnership and Vineland Permits
Offtake or supply contract / regulatory and legal action (licence)
2026
Scandium Short Report and Record Quarter
Supply-chain and disclosure challenge / operating results