DOCSLIB.ORG

P50496 Bloom Energy Corporation 10K 2021 V1

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
P50496 Bloom Energy Corporation 10K 2021 V1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________ FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________to ____________ Commission File Number 001-38598 ________________________________________________________________________ BLOOM ENERGY CORPORATION (Exact name of registrant as specified in its charter) ________________________________________________________________________ Delaware 77-0565408 (Sate or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4353 North First Street, San Jose, California 95134 (Address of principal executive offices) (Zip Code) (408) 543-1500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class(1) Trading Symbol Name of each exchange on which registered Class A Common Stock, $0.0001 par value BE New York Stock Exchange (1) Our Class B Common Stock is not registered but is convertible into shares of Class A Common Stock at the election of the holder. ________________________________________________________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No þ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨ No þ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer þ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No þ The aggregate market value of the registrant’s Class A common stock held by non-affiliates of the registrant was approximately $1.0 billion based upon the closing price of $10.88 per share of our Class A common stock on the New York Stock Exchange on June 30, 2020 (the last trading day of the registrant’s most recently completed second quarter). Shares of Class A common stock held by each executive officer, director and holder of 10% of more of the outstanding Class A common stock have been excluded in that such persons may be deemed to be affiliates. The determination of affiliate status if not necessarily a conclusive determination for other purposes. The number of shares of the registrant’s common stock outstanding as of February 18, 2021 was as follows: Class A Common Stock, $0.0001 par value 144,033,720 shares Class B Common Stock, $0.0001 par value 27,799,886 shares ________________________________________________________________________ DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s proxy statement for the 2021 Annual Meeting of Stockholders (the “2021 Proxy Statement”) are incorporated into Part III hereof. The 2021 Proxy Statement will be filed with the U.S. Securities and Exchange Commission ("SEC") within 120 days after the registrant’s year ended December 31, 2020. Bloom Energy Corporation Annual Report on Form 10-K for the Years Ended December 31, 2020 Table of Contents Page Part I Item 1 - Business 5 Item 1A - Risk Factors 15 Item 1B - Unresolved Staff Comments 43 Item 2 - Properties 44 Item 3 - Legal Proceedings 44 Item 4 - Mine Safety Disclosures 44 Part II Item 5 - Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A - Quantitative and Qualitative Disclosures About Market Risk 75 Item 8 - Financial Statements and Supplementary Data 78 Report of Independent Registered Public Accounting Firm 79 Consolidated Balance Sheets 84 Consolidated Statements of Operations 86 Consolidated Statements of Comprehensive Loss 87 Consolidated Statements of Convertible Redeemable Preferred Stock, Redeemable Noncontrolling Interest, Stockholders' Equity (Deficit) and Noncontrolling Interest 88 Consolidated Statements of Cash Flows 90 Notes to Consolidated Financial Statements 92 Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 144 Item 9A - Controls and Procedures 145 Item 9B - Other Information 146 Part III Item 10 - Directors, Executive Officers and Corporate Governance 147 Item 11 - Executive Compensation 147 Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 147 Item 13 - Certain Relationships and Related Transactions, and Director Independence 147 Item 14 - Principal Accountant Fees and Services 147 Part IV Item 15 - Exhibits and Financial Statement Schedules 148 Item 16 - Form 10-K Summary 153 Signatures 153 Unless the context otherwise requires, the terms "we," "us," "our," "Bloom Energy," and the "Company" each refer to Bloom Energy Corporation and all of its subsidiaries. 3 SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “predict,” “project,” “potential,” ”seek,” “intend,” “could,” “would,” “should,” “expect,” “plan” and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this Annual Report on Form 10-K include, but are not limited to, our plans and expectations regarding future financial results, including our expectations regarding our ability to be successful in new markets, including the hydrogen market, the impact of the COVID-19 pandemic, expected operating results, business strategies, the sufficiency of our cash and our liquidity, projected costs and cost reductions, development of new products and improvements to our existing products, the impact of recently adopted accounting pronouncements, our manufacturing capacity and manufacturing costs, the adequacy of our agreements with our suppliers, legislative actions and regulatory compliance, competitive position, management’s plans and objectives for future operations, our ability to obtain financing, our ability to comply with debt covenants or cure defaults, if any, our ability to repay our obligations as they come due, trends in average selling prices, the success of our customer financing arrangements, expected capital expenditures, warranty matters, outcomes of litigation, our exposure to foreign exchange, interest and credit risk, general business and economic conditions in our markets, industry trends, the impact of changes in government incentives, risks related to cybersecurity breaches, privacy and data security, the likelihood of any impairment of project assets, long-lived assets and investments, trends in revenue, cost of revenue and gross profit (loss), trends in operating expenses including research and development expense, sales and marketing expense and general and administrative expense and expectations regarding these expenses as a percentage of revenue, future deployment of our Bloom Energy Servers, expansion into new markets, our ability to expand our business with our existing customers, our ability to increase efficiency of our product, our ability to decrease the cost of our product, our ability to market out products successfully in connection
Load more

Recommended publications
  • Bloom-Energy-Package2.Pdf
    1252 Orleans Drive Sunnyvale, California 94089 Telephone: (408) 543-1500 Fax: (408) 543-1501 Email: [email protected] Web: www.bloomenergy.com © Bloom Energy Corporation 2010. All Rights Reserved. Printed on recycled paper Bloom Energy is changing the way the world Why Bloom is the Perfect Choice The Economic Upside for Customers ■ Lower Cost Energy Source: Our customers produce Electricity prices aren’t going down. In fact, in generates and consumes energy. their own electricity for less than they pay today. California they’ve gone up an average of ~6% per year We help them accomplish this by using widely over the last 40 years. And while no one knows what available, inexpensive materials, leveraging proven the future holds for grid electricity prices, most manufacturing techniques, and delivering an experts conclude they’ll increase significantly over the energy system nearly twice as efficient as next decade because of rising fuel costs, pending conventional technologies. carbon legislation, and large investments required to Bloom Energy® is making clean, reliable energy affordable. Our unique overhaul the antiquated grid infrastructure. on-site power generation systems utilize an innovative fuel cell technology ■ Fuel Flexibility: Our systems are capable of with roots in the NASA Mars space program. Derived from a common running on a wide variety of renewable and fossil For those uncomfortable with this status quo, Bloom sand-like powder and leveraging breakthrough advances in materials fuels. This allows customers to choose the best fuel Energy can help you take control of your energy science, our technology significantly reduces operating costs while for their individual cost, availability, and economics.
    [Show full text]
  • 2012 Fuel Cell Technologies Market Report
    Authors This report was a collaborative effort by staff of the Breakthrough Technologies Institute, Inc., in Washington, D.C. Acknowledgement This report was funded through Argonne National Laboratory by the U.S. Department of Energy’s Fuel Cell Technologies Office within the Office of Energy Efficiency and Renewable Energy. The authors relied upon the hard work and valuable contributions of many men and women in government and in the fuel cell industry. The authors especially wish to thank Sunita Satyapal and the staff of the U.S. Department of Energy’s Fuel Cell Technologies Office for their support and guidance. The authors also wish to thank Rachel Gelman of the National Renewable Energy Laboratory and the many others who made this report possible. Notice This report is being disseminated by the Department of Energy. As such, this document was prepared in compliance with Section 515 of the Treasury and General Government Appropriations Act for Fiscal Year 2001 (Public Law 106-554) and information quality guidelines issued by the Department of Energy. Neither the United States government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States government or any agency thereof.
    [Show full text]
  • BE Letterhead Template (With Logo)
    April 29, 2019 Via E-Filing on NY DMM Honorable Kathleen H. Burgess Secretary to the Commission New York State Public Service Commission Three Empire State Plaza Albany, NY 12223-1350 Re: CASE 19-E-0079: In the Matter of the Continuation of Standby Rate Exemptions Dear Secretary Burgess: Bloom Energy Corporation (“Bloom Energy”) hereby respectfully submits its comments in response to the February 12, 2019 Notice in Case 19-E-0079 issued by the Commission requesting comments from interested entities related to extension of the previously established temporary exemption from standby rates for certain forms of distributed generation (“DG”).1 Bloom Energy is a provider of solid oxide fuel cell (“SOFC”) technology that produces reliable on- site power using an efficient and environmentally superior non-combustion process that significantly reduces carbon dioxide emissions while virtually eliminating criteria pollutants and water usage. The result is a new option for energy infrastructure that combines increased electrical reliability and improved energy security with significantly lower environmental impact. Bloom Energy fuel cells are a proven technology with over 350 MWs of commercially deployed projects currently operating in the United States. 1 “Notice Initiating Proceedings and Soliciting Comments, In the Matter of the Continuation of Standby Rate Exemptions” CASE 19-E-0079, February 12, 2019. 4353 N 1st Street, San Jose, California 95134 – www.bloomenergy.com Appendix A The current exemption from stand-by charges for “designated technologies,” including solar, fuel cells, and other renewables, is scheduled to expire on May 31, 2019. This exemption has been in place since the current standby rate design was initially adopted and forms a bedrock assumption in every BTM DER model in New York state.
    [Show full text]
  • Delivering Clean, Affordable Power
    STORY | ASK MAGAZINE | 43 Delivering Clean, Affordable Power BY BO SCHWERIN Imagine you are about to be dropped in the middle of a remote, inhospitable region—say the Kalahari Desert. What would you want to have with you on your journey back to civilization? Food and water, of course, but you can only carry so much. A truck would help, but what would you do when it runs out of gas? Any useful resources would have to be portable and—ideally—sustainable. Photo Credit: Alan Russo Bloom Energy Servers at eBay. 44 | ASK MAGAZINE Ceramic fuel cells coated with special inks are at the core of the Bloom Energy Server. Mosur Jakub Credit: Photo Astronauts on future long-term missions would face similar such as methanol flow into the cell where an electrolyte triggers circumstances as those in this survivalist scenario. Consider, for an electrochemical reaction, producing water, carbon dioxide, example, a manned mission to explore the surface of Mars. Given and electrons. Fuel cells have provided tantalizing potential the extreme distance of the journey, the high cost of carrying for a clean, alternative energy source since the first device was cargo into space, and the impossibility of restocking any supplies invented in 1839, and NASA has used fuel cells in nearly every that run out, astronauts on Mars would need to be able to “live mission since the 1960s. But conventional fuel-cell technology off the land” as much as possible—a daunting proposition given features expensive, complicated systems requiring precious metals the harsh, barren Martian landscape. Not to mention the lack of like platinum as a catalyst for the energy-producing reaction.
    [Show full text]
  • Letter to Shareholders
    Q4 FISCAL 2018 Letter to Shareholders February 5, 2019 1 Q4 Fiscal 2018 Highlights Q4 Fiscal 2018 Key Results . Strong growth in acceptances with a record 257 systems, a 27.9% Total Acceptances (100 kW units) year-over-year increase. 257 systems 809 . $213.6 million of revenue, a gross margin of 8.1% and a net loss of 622 $99.8 million. Excluding stock-based compensation, we achieved 257 18.1% of gross margin and $14.0 million of adjusted EBITDA. 201 206 . Strong end-of-year product and install backlog of almost 1,400 FY'17 FY'18 Q4'17 Q3'18 Q4'18 systems with good diversity across states, sectors and international Revenue ($M)* markets. $213.6 million . We announced a strategic partnership and distributorship in Korea $742.0 with SK E&C and quickly won contracts to supply Bloom Energy Servers to Korea Midland Power Co. (KOMIPO), one of Korea’s six $376.0 $190.2 $213.6 regional power generation companies, and to KT Corporation. $123.3 FY'17 FY'18 Q4'17 Q3'18 Q4'18 * Key Operating Metrics – Total Billings FY17: $424.4M, Q4’17: $129.3M GAAP Gross Margin 8.1% 15.8% 12.3% 9.8% “We are pleased to have delivered another record top-line quarter, 8.1% and a record year. The world is clearly placing more and more value on what we provide: clean, Always-On, extremely resilient -4.8% and cost effective power. With our product and installation FY'17 FY'18 Q4'17 Q3'18 Q4'18 backlog at almost 1,400 systems at year-end, 70% more systems than we deployed in the whole of 2018, we are clearly entering Non GAAP Gross Margin (excluding SBC)** 2019 with strong momentum.” 18.1% 21.4% 20.8% 18.1% KR Sridhar, Founder, Chairman and CEO, Bloom Energy 11.6% -2.7% FY'17 FY'18 Q4'17 Q3'18 Q4'18 ** Key Operating Metrics – Gross Profit on Billings as a percentage of Total Billings FY17: 5.8%, Q4’17: 23.6% 2 Dear Shareholder, During our fourth fiscal quarter, which ended December 31, 2018, Bloom Energy delivered strong acceptance growth, improved the quality and diversity of our product and installation backlog, and took further strides towards reducing product cost.
    [Show full text]
  • Softbank Installs First Bloom Energy Server in Japan
    November 25, 2013 Bloom Energy Japan Limited Bloom Energy Corporation SoftBank Group SoftBank Installs First Bloom Energy Server in Japan Installation of 24/7 clean, reliable and safe on-site electricity generation system in Fukuoka M-TOWER is first outside the U.S.A. Bloom Energy Japan Limited（Tokyo, Japan, Representative Director and CEO: Shigeki Miwa, hereafter “Bloom Energy Japan”） today announced its first installation of the “Bloom Energy Server,” an innovative and clean electricity generation system, at the Fukuoka M-TOWER on November 25 in Fukuoka City. This marks the first installation of the Bloom Energy Server outside the U.S.A where Bloom Energy Corporation （Sunnyvale, USA, Principal Co-Founder and CEO: Dr. KR Sridhar, hereafter “Bloom Energy”） began operations. The Bloom Energy Server installed at Fukuoka M-TOWER can produce 200 kilowatts of power and provides 75% of the building’s electricity consumption. This first installation is an important milestone for Bloom Energy Japan and represents a new path forward for safe and reliable electricity generation in Japan. The Bloom Energy Server is a breakthrough solid oxide fuel cell technology that generates clean electricity from multiple fuel sources such as city gas and biogas at a starting electrical efficiency of over 60 percent. The Bloom Energy Server has been installed in many locations that require uninterrupted power supply such as data centers, manufacturing operations, communications, and facilities with high energy loads including refrigeration and critical services in the U.S.A. “I am delighted that we have installed our first Bloom Energy Server in Japan. I believe that Bloom’s clean, reliable, and safe on-site electricity will become one of the solutions for businesses in the future, and this installation is a significant milestone for SoftBank to further drive the adoption of innovative, clean energy” said Masayoshi Son, SoftBank Group Representative, and the owner of the Fukuoka M-TOWER.
    [Show full text]
  • BES Tokyo Shiodome Building
    June 17, 2014 SoftBank Group Bloom Energy Japan Limited Tokyo Shiodome Building Installs Bloom Energy Server The SoftBank Group (Tokyo, Japan, Representative Director: Masayoshi Son) and Bloom Energy Japan Limited (Tokyo, Japan, Representative Director and CEO: Shigeki Miwa, hereafter “Bloom Energy Japan”) today announced the installation of the “Bloom Energy Server,” an innovative and clean electricity generation system, at Tokyo Shiodome Building on June 17 in Minato Ku, Tokyo Prefecture. The Bloom Energy Server installed at Tokyo Shiodome Building, home to SoftBank Group headquarters, can produce 200 kilowatts of power and provides 14% of the buildings’ overall electricity needs. The Bloom Energy Server is a breakthrough solid oxide fuel cell technology that generates clean electricity from multiple fuel sources such as city gas and biogas at over 60% efficiency*. Bloom Energy Servers have been installed in many locations that require uninterrupted power supply such as data centers, manufacturing operations, communications, and facilities with high energy loads including refrigeration and critical services in the U.S.A. *Initial performance. To contribute to disaster preparedness in Tokyo, Bloom Energy Japan can supply electricity generated by Bloom Energy Servers to streetlights and free power outlets in emergencies. Furthermore, to contribute to the clean energy urban development of Tokyo, Bloom Energy Japan is also supplying electricity for EV stands installed on the underground parking floor of Tokyo Shiodome Building. “I am delighted that we have installed the Bloom Energy Server at Tokyo Shiodome Building. I believe that this installation at our SoftBank Group headquarters greatly enhances our business continuity capabilities in the event of an emergency.
    [Show full text]
  • Bloom Energy Annual Report 2021
    Bloom Energy Annual Report 2021 Form 10-K (NYSE:BE) Published: February 26th, 2021 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________ FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________to ____________ Commission File Number 001-38598 ________________________________________________________________________ be-20201231_g1.jpg BLOOM ENERGY CORPORATION (Exact name of registrant as specified in its charter) ________________________________________________________________________ Delaware 77-0565408 (Sate or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4353 North First Street , San Jose, California 95134 (Address of principal executive offices) (Zip Code) (408) 543-1500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class(1) Trading Symbol Name of each exchange on which registered Class A Common Stock, $0.0001 par value BE New York Stock Exchange (1) Our Class B Common Stock is not registered but is convertible into shares of Class A Common Stock at the election of the holder. ________________________________________________________________________ Indicate by check
    [Show full text]
  • Petition of Bloom Energy
    Attn: Robert Stein, Chairman Connecticut Siting Council 10 Franklin Square New Britain, CT 06051 RE: Petition of Bloom Energy Corporation, as agent for Frontier Communications Corporation, for a Declaratory Ruling for the Location and Construction of a 400kW Fuel Cell Customer Side Distributed Resource at 25 Butler Street, Meriden, CT 06450 Dear Chairman Stein: We are submitting an original and fifteen (15) copies of the above-captioned Petition, together with the filing fee of $625. In the Petition, Bloom Energy Corporation (“Bloom”), as agent for Frontier Communications Corporation (“Frontier”), request the Connecticut Siting Council approve the location and construction of a 400 kilowatt fuel cell and associated equipment (the “Facility”). The Facility will be located on the site of the Frontier building at 25 Butler Street, Meriden, CT (the “Site”). Electricity generated by the Facility will be consumed primarily at the Site, and any excess electricity will be exported to the electric grid. The Facility will be fueled by natural gas. Should you have any questions, concerns, or require additional information, please contact me at (860) 839-8373. Sincerely, Bloom Energy Justin Adams [email protected] (860) 839-8373 1299 Orleans Drive, Sunnyvale CA 94089 T 408 543 1500 F 408 543 1501 www.bloomenergy.com STATE OF CONNECTICUT CONNECTICUT SITING COUNCIL PETITION OF BLOOM ENERGY : PETITION NO. ____ CORPORATION AS AGENT FOR FRONTIER : COMMUNICATIONS CORP FOR A : DECLARATORY RULING FOR THE : LOCATION AND CONSTRUCTION OF A 400- : KILOWATT FUEL CELL CUSTOMER-SIDE : October 17, 2016 DISTRIBUTED RESOURCE AT 25 BUTLER STREET, MERIDEN, CONNECTICUT PETITION OF BLOOM ENERGY CORPORTATION AS AGENT FOR IKEA FOR A DECLARATORY RULING Pursuant to Conn.
    [Show full text]
  • Bloom Energy (NASDAQ: BE) Strategy: Neutral/Long
    Monday, February 24, 2020 Hallgarten & Company Coverage Initiation Christopher Ecclestone [email protected] Bloom Energy (NASDAQ: BE) Strategy: Neutral/Long Price (USD) $11.78 12-Month Target Price (USD) $13.00 Upside to Target 10% High-low (12 mth) $2.44 - $16.63 Market Cap (USD mn) 1,389.9 Shares O/S (millions) Class A 75.6 Class B 42.4 2018 2019e 2020e 2021e Consensus EPS ($0.31) ($0.24) n/a Hallgarten EPS ($1.83) ($0.38) $0.40 Actual EPS ($2.21) P/E (5.3) n/a n/a$ 29.53 Hallgarten & Company (44) 795 08 53 621 Monday, February 24, 2020 Bloom Energy Scandium’s Biggest Consumer + The company’s Bloom Box is hitherto the gold standard in the Solid Oxide Fuel Cell (SOFC) space + Rising uptake of the product for server farms and by Big Tech companies, particularly in Silicon Valley + A Bloom Box converts fuel into electricity through an electrochemical process without combustion, underpinning it as a “green” technology, though not without carbon emissions + The company is the largest consumer of Scandium, consuming between 25%to 35% (or more) of a rather nebulous global production number + Bloom closed 2019 with a backlog of 1,983 systems (up 43% YoY). Backlog value includes $1.1 billion for product and installation revenue and $1.1 billion for service revenue + Ended FY19 with a consolidated cash balance of $377.4mn (up $19mn from 3Q19) + The company has seen off aggressive Short-seller raids in the second half of 2019 Soaring sales mean the company is using an ever-higher percentage of the total global production of Scandium The company is vulnerable to a Scandium supply shock from China It is almost inevitable that the Chinese will move into the SOFC niche at some time in the near future Losses have been on-going, and sizeable with a sizeable debt pile The Secret Sauce at Bloom The words “secret” and “secretly” oft appear in conjunction with mentions of Bloom Energy and its evolution.
    [Show full text]
  • The Fuel Cell Industry Review 2018
    The Fuel Cell Industry Review 2018 1 FUEL CELL INDUSTRY REVIEW 2018 ACKNOWLEDGEMENTS We gratefully acknowledge the contribution of many individuals and companies within the fuel cell industry in providing information for and assistance with the compilation of the Fuel Cell Industry Review 2018. The Fuel Cell Industry Review 2018 is based on information available up to November 2018. COPYRIGHT & DISCLAIMER The Fuel Cell Industry Review 2018 is the copyright of E4tech. Material from this publication may be reproduced without prior permission provided that E4tech is acknowledged as the source and a link given to www.FuelCellIndustryReview.com. E4tech endeavours to ensure the accuracy of the information and materials contained within this report, but makes no warranty as to accuracy, completeness or suitability for any particular purpose. E4tech accepts no liability whatsoever in respect of reliance placed by the user on information and materials contained in this report, which are used expressly at the user’s own risk. In particular, this report and the information and materials in this report are not, and should not be construed as, an offer to buy or sell or solicitation of an offer to buy or sell, any regulated products, securities or investments, or making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of any regulated products, securities or investments including, without limitation, any advice to the effect that any related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor. A decision to invest in any regulated products, securities or investments should not be made in reliance on any of the information or materials in this report.
    [Show full text]
  • The Business Case for Fuel Cells: Delivering Sustainable Value
    The Business Case for Fuel Cells: Delivering Sustainable Value 7th edition Images All images were approved for use by fuel cell manufacturer or customer. Photo sources for images in report are listed in Appendix 2. Cover Images Top left: Plug Power GenSure units at Stone Edge Farm in Sonoma Valley, California. Photo Courtesy of Plug Power. Top middle: Plug Power GenDrive fuel cells powering forklifts at a Volkswagen manufacturing facility in Kassel, Germany. Photo courtesy of Plug Power. Bottom right: Altergy Freedom Power fuel cell units on a Florida rooftop. Photo courtesy of Altergy Systems. Bottom left: FuelCell Energy systems at Pepperidge Farm. Photo courtesy of Pepperidge Farm. Bottom middle: Bloom Energy fuel cell system at Morgan Stanley headquarters in New York City, New York. Photo courtesy of Bloom Energy. Bottom right: Doosan Fuel Cell America units at CBS Studios. Photo courtesy of Doosan Fuel Cell America. 2 About This Report The report provides an overview of recent private sector fuel cell installations at U.S. businesses as of December 31, 2016. This list is by no means exhaustive. Over the past few decades, hundreds of thousands of fuel cells have been installed around the world, for primary or backup power, as well as in various other applications including portable and emergency backup power. Fuel cells have also been deployed in other applications such as heat and electricity for homes and apartments, material handling, passenger vehicles, buses, and remote, off-grid sites. This report is the seventh in a series. The 2015, 2014, 2013, 2012, 2011, and 2010 Business Case for Fuel Cells reports can be accessed here.
    [Show full text]