Bloom Energy Corp (BE)

[uksausage]

Bloom has a very simple product strategy.

They make their solid oxide energy server convert Nat gas to electricity as a fuel cell (probably can use hydrogen or bio gas as well), can be scaled up easily looks incredible like an air conditioner condensing unit and sold for back up and micro grid stationary applications. Leads the market in this area. and until recently PLUG didnt sell stationary fuel cells to compete. (GenSure for Southern company is stationery but much smaller power)

They also use the same solid oxide technology in reverse now to make hydrogen - electrolyser. I believe you can even run the same equipment in either direction - generate electricity or generate hydrogen. Solid oxide systems will be more efficient than PEM but take longer to warm up and some other considerations.

Most US sales have been direct

They have a $4bn agreement with SK in Korea, and the recently announced dealin Spain mostly for the electrolyser.

They currently have higher revenues than PLUG (Will push over $1Bn for 2022 and much better margins since they are only in the system business not selling hydrogen and other things.

I havebeen in both for some time but PLUG still my favorite as it is in the whole life cycle with the hydrogen generation business their cash cow form 2025 onwards