Bloom Energy (NYSE: BE), a leading fuel-cell manufacturer, announced on Monday that it is set to receive up to $75 million in federal tax credits for its manufacturing plant located in Fremont, California. This financial boost comes as the company aims to ramp up its production capacity. The funding is part of a larger $4 billion initiative recently introduced by the Biden Administration, aimed at accelerating clean energy manufacturing within the country and curbing greenhouse gas emissions from industrial facilities.
CEO KR Sridhar expressed gratitude for the support, stating that these funds will facilitate investments in operational efficiency and the expansion of stack capacity at their Fremont facility. Since its establishment in 2022, Bloom’s Fremont plant has demonstrated significant output capabilities, boasting an annual production capacity exceeding 1 gigawatt. However, Bloom Energy faced a setback in February when its shares dipped following a revenue forecast for 2024 below analysts’ expectations, coupled with the departure of its Chief Financial Officer, Greg Cameron.