Bloom Energy Corporation BE and U.K. hydrocarbon producer Perenco have signed an agreement to install 2.5 megawatts (MWs) of the former’s solid oxide fuel cells (SOFC) at a site in England. This platform, to be delivered in late 2023, will be installed in the onshore oil field, Wytch Farm, in Dorset, England.
BE’s solid oxide electrolyzer technology is paired with renewable energy sources to create clean, low-cost hydrogen with industry-leading efficiency. It will meet Perenco’s baseload requirements.
Bloom Expanding in Europe
Bloom Energy has scored its first U.K. deployment of its fuel cell technology. However, BE had been working in Europe prior to this development, having already sold comparable systems to Ferrari and Cefla in Italy and establishing marketing partnerships in Spain and Portugal.
Bloom Energy’s SOFC technology helps energy-intensive clients achieve their resilience and sustainability goals. Undoubtedly, it will open up the scope for more orders from other customers in Europe.
Global Solid Oxide Fuel Market
SOFCs have the ability to produce electricity using a variety of fuels. This has led to their growth as one of the alternative backup power choices. Per a Grand View Research report, the global SOFC market size is valued at $627.4 million in 2023 and is expected to witness a compound annual growth rate (CAGR) of 41.5% from 2023 to 2030 to touch $7.1 billion in 2030.
Some other prominent players in the global SOFC market are Gevo Inc. GEVO, FuelCell Energy Inc. FCEL and Ballard Power Systems Inc. BLDP.
Gevo, a renewable chemicals and advanced biofuels company, is engaged in the development of bio-based alternatives to petroleum-based products. It uses a combination of synthetic biology and chemistry.
The Zacks Consensus Estimate for GEVO’s 2023 sales indicates year-over-year growth of 27.3%. In the past 60 days, the bottom-line estimates have moved up 20%.
FuelCell Energy develops and markets ultra-clean power plants that generate electricity up to twice the efficiency of conventional fossil fuel plants. It has reduced greenhouse gas emissions because of the usage of fuels like renewable biogas and natural gas.
The Zacks Consensus Estimate for FCEL’s 2023 sales indicates year-over-year growth of 12.5%. In the past 90 days, the bottom-line estimates have moved up 9.7%.
Ballard Power is focused on developing and bringing to market proton-exchange membrane fuel cell systems for transportation, stationary and portable applications. The company focuses on enhancing product performance, reducing costs, designing market-viable products, developing additional volume-manufacturing capabilities and building customer and supplier relationships.
The Zacks Consensus Estimate for BLPD’s 2023 sales indicates year-over-year growth of 5.6%. In the past 60 days, the bottom-line estimates have moved up 3.7%.
Price Performance
In the past year, shares of Bloom Energy have lost 10.8% compared with the industry’s 15% decline.
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Zacks Rank
Bloom Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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