Bloom Energy gains on collaboration with California Resources
CRC•Bloom Energy and California Resources Corporation signed an agreement aiming to develop at least 1 GW of fuel-cell power generation combined with carbon capture and storage in California. Projects could capture and permanently store up to 3 million metric tons of carbon dioxide annually.
1. California partnership
Bloom Energy shares climbed 6% in premarket trading after the companies signed an agreement aiming to develop at least 1 GW of fuel-cell power generation combined with carbon capture and storage in California. The partnership aims to serve data centres, utilities and industrial customers, with projects that could capture and permanently store up to 3 million metric tons of carbon dioxide annually.
2. Growth opportunity
Jefferies described the partnership and potential 1 GW opportunity as a major growth driver that could enable Bloom to expand its clean power offering into larger California projects. Bloom shares had more than doubled year to date as of the previous close.
