Bloom Energy : Report 2024
BE
Energy for the Digital Revolution
2024 Impact Report
Message from Leadership
Dear Stakeholders,
For two decades we have built Bloom Energy with a deep conviction that reliable onsite power is essential to a digitizing world. Our perseverance, humility, continued innovation, and discipline have made us the obvious choice for the moment, one characterized by explosive energy demand associated with the electrification of everything.
As the artificial intelligence (AI) led digital revolution accelerates, we recognize the current energy infrastructure must undergo a paradigm shift to keep up. Never have we faced the challenge of building such a vast amount of energy infrastructure in such a short timeframe. This transformation is not just about meeting the energy demands of AI, it's about setting the stage for a more resilient and sustainable energy future with access, affordability, and abundance. Bloom was built for this moment, and we are leveraging our technology and ingenuity to meet the needs of our customers and a transforming energy system.
The AI Revolution
Data center electricity demand had already soared in recent years due to the increasing role technology plays in our everyday lives. Between 2017 and 2021, electricity used by the main providers of commercially available cloud computing and digital services more than doubled. Now, with AI workloads 10 times as intensive,1 McKinsey estimates that demand for data center capacity could more than triple by 2030.2
There is consensus amongst business, policy, and technology leaders that the AI revolution will continue to gain speed and have a profound impact on humanity and the planet, as was the case with past industrial revolutions. The geopolitical impacts of such changes cannot be overstated. Nation states around the world are set to compete for AI dominance, with potentially profound consequences for societal value systems. So, the stakes are high and there is one certainty. To win the AI race, we need electricity - lots of electricity.
Ten years ago, a 30MW data center was considered large, Today, a 200MW facility is considered normal.2 The extent of the data center growth that will ultimately be enabled will be a function of the industry's ability to gain access to the required power in a timely manner. And we know that grids around the world are stressed to the breaking point.
Bloom is Ready
The good news is that Bloom's distributed energy solutions are ready - it's the result of our work to commercialize a unique fuel cell technology and build the supply chain and operational capability to scale globally at the time we are needed most. And as we collaborate with utilities more directly, we see the potential for scalable and flexible deployments that support capacity needs worldwide.
1 2
EPRI Powering Intelligence: Analyzing Artificial Intelligence and Data Center Energy Consumptionhttps://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/ai-power-expanding-data-center-capacity-to-meet-growing-demand
This past year we offered enhanced microgrids that are complete power solutions for customers without the need to connect to a utility grid. And we continue to advance carbon capture and hydrogen capability. This allows us to offer our customers multiple decarbonization pathways as their ecosystems shift over time.
The flexibility of Bloom's solid oxide platform was recognized as fit for purpose through an historic supply agreement last year with American Electric Power (AEP) for up to 1 gigawatt (GW) of Bloom Energy Server deployments, the largest commercial procurement of fuel cells in the world to date. This will help them meet the immediate power needs of AI data centers.
We will continue to evolve our commercial and technology offerings to ensure our capability to support growth of critical infrastructure, be it data centers or other commercial and industrial (C&I) customers. Our C&I market segments continue to strengthen, and in 2024 we secured orders from multiple industries, including telecom companies, retail, manufacturing, education, and healthcare.
Our Evolution Continues
Bloom continued its strong environmental performance in 2024, driving increasingly significant carbon reductions, air quality improvement, and water reductions from our projects as our footprint expands. We've continued to evolve as an organization as well. This past year we increased the composition of our Board and added new leadership that will help us execute our strategy. We enhanced our manufacturing systems and advanced risk management and environmental programs designed to drive our competitiveness on a global scale. Additionally, we continued our direct engagement and support of the communities we serve.
Transforming the energy sector is no small task, but our team is up to the challenge. Behind every deal, every megawatt, and every breakthrough, we have a global team of innovators, problem solvers, builders, and doers. We will continue to BE Bold, BE Agile, and BE Inspired as we lead in the new energy revolution. That quest powers us at Bloom. What powers you? Ponder that question as we proudly present our 2024 Stewardship Report.
Sincerely,
KR Sridhar, Ph.D.
Founder, Chairman, and Chief Executive Officer
About this Report
We are proud to present our annual Impact Report, which covers the progress we have made in advancing our environmental, social, and governance (ESG) initiatives during the 2024 calendar year. Where appropriate, we also provide updates on initiatives underway in 2025.
This report uses accepted frameworks and standards, including the alignment this year with the International Financial Reporting Standards (IFRS) S2 Climate-related disclosures in acknowledgement of the increasing use of these standards in global compliance programs. Additionally, this report is informed by certain Global Reporting Initiative (GRI) standards and aligns to the United Nations Sustainable Development Goals (UN SDGs).
Data provided in this report covers our owned and operated facilities, including our manufacturing facility established as part of a joint venture with SK ecoplant, as well as our globally deployed fleet of fuel cell and electrolyzer products. We have worked to ensure that the data presented throughout the report and in the appendices is as accurate as possible, and have noted any figures that have been externally verified.
For specific information about this report or our sustainability program overall, please contact us [email protected]. All information included in this report is for the 12-month period ending December 31, 2024, unless otherwise stated.
Forward-looking Statements and Other Important Legal Information
This document and the materials or websites cross-referenced contain statements that are aspirational or reflective of our views about our future performance that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim," "anticipate," "aspire," "believe," "commit," "endeavor," "estimate," "expect," "goal," "intend," "may," "plan," "seek," "strive," "target," "projection," "will," and "work," or similar statements or variations of such terms and other similar expressions. The forward-looking statements in this document and the materials or websites cross-referenced concern the company's goals, progress, or expectations with respect to corporate responsibility, sustainability, employees, environmental matters, policy, and business risks and opportunities.
Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such statements. These statements are based on numerous assumptions that we believe are reasonable but are open to a wide range of uncertainties and business risks. In addition, these statements may be based on standards for measuring progress that are still developing, controls and processes that continue to evolve, and assumptions that are subject to change in the future. Consequently, actual results may vary materially from what is contained in a forward-looking statement. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, see our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 27, 2025, and our subsequent periodic reports filed with the SEC.
Forward-looking statements are aspirational and not guarantees or promises that goals or targets will be met. The company undertakes no obligation to update any forward-looking or other statements, whether as a result of new information, future events, or otherwise, and notwithstanding any historical practice of doing so. The company may determine to adjust any goals and targets or establish new ones to reflect changes in our business. The information included in, and any issues identified as material for purposes of, this document may not be considered material for SEC reporting purposes. In the context of this report, the term "material" is distinct from, and should not be confused with, such term as defined for SEC reporting purposes. Website references and hyperlinks throughout this document are provided for convenience only, and the content on the referenced third-party websites is not incorporated by reference into this report, nor does it constitute a part of this report. The company assumes no liability for the content contained on the referenced third-party references.
Table of Contents
7About Us
8Bloom Energy at a Glance
9Mission and Values
10Solid Oxide Platform
11 Our Products
13 Alignment with a Net-Zero Future
14 Our Strategy
15 Materiality
16 Climate-Related Risks and Opportunities
19 Scenario Planning
22 Enterprise Risk Management
23 Targets
23 Policy Support for the Energy Transition
24 Innovation
25 Driving Innovation at Bloom
26 Advancing Our Technology
27 Data Centers and the Energy Transition
31
32
32
33
34
34
35
36
37 Hazardous Materials and Waste Management Program
38 Product End-of-Life Management & Circularity
38 Product Safety
39 People
40 Living Our Purpose
40 Taking Care of Our Employees
About Us
Environment
45
Management
GHG Emissions
46
ESG Management and Oversight
Avoided Emissions
46
Board Oversight of ESG
47
Environmental Management System
48
Responsible Sourcing and Supply Chain Management
49
Business Ethics and Compliance
50
Resources and Policy Library
51
Appendices
52
Green Notes Management Framework
53
Green Bond Annual Review
56
GRI Index
64
IFRS S2 Climate-related Disclosures Index
72
SASB Index
74
Assurance
Green Notes 2024 Progress Report Energy Management
Product Efficiency Air Quality
Water Management
41 Talent Acquisition and Development
41 Culture of Innovation and Inclusion
42 Compensation and Benefits
42 Employee Engagement
43 Employee Health, Safety, and Training
44 Connecting to Communities
2024 ESG Highlights
About Us
Bloom Energy has taken technology developed for Mars and given it a meaningful purpose on Earth. Our roots lie in work performed for NASA by KR Sridhar, PhD, our founder, chairman, and chief executive officer, to convert Martian atmospheric carbon dioxide into oxygen for life support and propulsion. His team soon realized that this electrolyzer technology could have an even greater impact here on Earth. From this idea came both our revolutionary Bloom Energy Server® and Bloom Electrolyzer™.
8Bloom Energy at a Glance
9Mission and Values
10Solid Oxide Platform
11 Our Products
13 Alignment with a Net-Zero Future
Bloom Energy at a Glance
$1.47B
2024 Revenue
7B
kWh Produced without Combustion
1.4+
GW of Products Deployed
209+
Customers
1,037+
Installations
198+
Microgrids
2,377
Employees
Mission and Values
Our Mission
To make clean, reliable energy affordable for everyone in the world.
To achieve our mission of energy abundance with, we strive to:
Our Values
At Bloom Energy, our values define who we are and shape our corporate culture. Changing the future of energy is no small task, but our diverse group of thinkers, solvers, and dreamers are up to the challenge. Driven by a shared passion our employees design, produce, and distribute unique energy solutions that transform how we power our world.
BE Bold
We challenge the status quo using a considered, data-driven approach to exceed our customers' needs and solve their most complex problems.
BE Inspired
Our passion for our planet pushes us to deliver world-leading energy solutions. Our compassion and desire to do the right thing establishes trust and delivers excellence across the products we build and the customers we serve.
BE Agile
We learn quickly and embrace entrepreneurship to adapt nascent ideas into best-in-class solutions that enable scalable, low-cost energy transformation.
These shared values are what power our team to create a more sustainable energy future.
Solid Oxide Platform
One Platform. Multiple Applications
Our modular and configurable solid oxide platform is capable of providing a variety of sustainable energy solutions: from zero-carbon electricity to clean hydrogen. We continue to evolve and expand our offerings as we pursue our mission to make clean, reliable energy affordable for everyone.
Core Attributes
Shared Solid Oxide Technology
Leveraging the same proprietary fuel cell printing, stack and column configurations that drive high efficiency energy production across products and applications.
Common Product Architecture
The same enclosures and skid mounted installations are common across products and the modular fault tolerant design enables resilient operation and service.
Shared Supply Chain and Manufacturing Process
Core technology components and supplier network are shared across products. The same manufacturing lines, personnel, and processes are leveraged at Bloom's Fremont, CA cell print factory and Delaware assembly facility. Repair and overhaul operations are also combined to support end-of-life recovery.
Be FlexibleTM
Platform Enhancements
Our customers have an urgency to procure energy, and our Energy Server solutions are increasingly being configured as microgrids operating independently of the grid. To meet this need, we have made changes to our column design and manufacturing process for all new products moving forward to better accommodate load following capability aligned with the needs of our microgrid customers as well as customers such as AI data centers and utilities with load variability requirements.
10
Disclaimer
Bloom Energy Corporation published this content on April 01, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 01, 2025 at 23:22 UTC.