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Bloom Energy's plant in California will receive $75 million in tax credits

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Bloom Energy Inc. recently received up to $75 million in tax credits from the Department of Energy, Treasury and Internal Revenue Service as part of the Qualifying Advanced Energy Project 48C initiative.

Bloom was selected for this award because of its commitment to expanding domestic manufacturing and fuel cell and electrolyzer manufacturing capacity at its multi-gigawatt manufacturing facility in Fremont, California, a press release said. The plant is located in the San Francisco Bay Area. The city is also home to a Tesla assembly plant.

Bloom Energy's recently opened Fremont facility is capable of producing high-efficiency fuel cell stacks that serve as the basis for the company's Energy Server fuel cell platform and Bloom hydrogen electrolyzer.

Hydrogen technology is being tested to see whether hydrogen can be economically produced from excess electricity from nuclear power plants.

Bloom's fuel cells and electrolyzers are assembled and shipped at its Newark facility. Earlier this year it was announced that some maintenance work at the Delaware plant would be relocated to Mexico.

The funding is part of $4 billion in tax credits the White House recently announced as part of the Qualifying Advanced Energy Project Tax Credit to accelerate domestic clean energy production and reduce greenhouse gas emissions at industrial facilities.

“The $75 million in funding from the federal government is a vote of confidence in Bloom’s commitment to domestic production, to our solid oxide technology and to our mission to facilitate the decarbonization of the energy industry,” said KR Sridhar, CEO of Bloom Energy. “These funds will allow us to invest in the operational efficiencies of our Fremont facility and accelerate the expansion of our stack capacity so we can continue to deliver timely, resilient energy solutions to our customers.”

Bloom's 164,000 square foot Fremont manufacturing facility, which opened in 2022, expanded Bloom's footprint to more than 524,000 square feet and created hundreds of jobs. The plant's annual output can be over 1 gigawatt, which is equivalent to the capacity to add a nuclear power plant each year.