Bloom Energy to receive  million in tax credits for Fremont manufacturing plant

Bloom Energy to receive $75 million in tax credits for Fremont manufacturing plant

(Reuters) – Fuel-cell manufacturer Bloom Energy will receive up to $75 million in federal tax credits for its manufacturing plant in Fremont, California, the clean-energy company said on Monday as it looks to expand capacity.

The funding is part of the $4 billion tax credits recently unveiled by the Biden Administration to speed up domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities.

“These funds will enable us to invest in the operational efficiency of our Fremont facility and accelerate the expansion of our stack capacity,” said CEO KR Sridhar.

Bloom’s Fremont plant, which opened in 2022, can produce more than 1 gigawatt annual output, equivalent to the capacity of adding a nuclear power plant every year, according to the company.

Bloom Energy’s shares fell in February after it forecast 2024 revenue below analysts’ estimates and announced the departure of its Chief Financial Officer Greg Cameron.

(Reporting by Roshia Sabu in Bengaluru; Editing by Alan Barona)