COMPANY PROFILE / HYDROGEN ENERGY
Bloom Energy
A maker of solid oxide fuel-cell power systems that can run on hydrogen, and which halted marketing of its first-generation electrolyzer
Bloom Energy comes up in hydrogen discussions because its main product is a solid oxide fuel cell (SOFC), and the same structure run in reverse splits water. According to its Form 10-K for 2025, total revenue was US$2.02 billion, almost all of it from the Energy Server, a power generator that runs on natural gas, biogas or hydrogen. The same filing also says the company stopped marketing and selling the first generation of its electrolyzer, the Bloom Electrolyzer. This profile sets out, from the company's statutory filings and announcements, what Bloom Energy has put into hydrogen, what it has demonstrated, and what it has stopped.
- Bloom Energy in 30 seconds, and where it stands in hydrogen
- The logo and how the name is written
- Where the company sits in the field
- Scale
- Resources committed to hydrogen
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen
- Map of partnerships in hydrogen
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Bloom Energy in 30 seconds, and where it stands in hydrogen
Electrolyzers (secondary)Core business is SOFC power generation; SOEC electrolyzers are secondary
SOEC (water electrolysis)4 MW electrolyzer demonstrated at NASA Ames in 2023
Bloom Energy is best understood not as "a hydrogen company" but as "a maker of solid oxide power generators that can also burn hydrogen as fuel" Our calculation. The Form 10-K says nearly all product revenue comes from the power-generating Energy Server, and that in 2025 the company stopped marketing and selling its first-generation electrolyzer (recording a US$19.7 million inventory reserve and a US$2.1 million asset impairment) Sourced. The ability to use hydrogen as a fuel and the electrolysis technology itself remain, but revenue tied to hydrogen is not disclosed separately Not yet confirmed.
2. The logo and how the name is written
A note on names: the legal entity is Bloom Energy Corporation (registered on EDGAR as Bloom Energy Corp). Its products are the Bloom Energy Server (Energy Server is a registered trademark; a fuel-cell power system) and the Bloom Electrolyzer (a solid oxide water electrolyzer, marked with the ™ symbol). SK ecoplant, its sales partner in Korea, is a separate company that holds about 2.5% of Bloom Energy's Class A common stock. The logo image was taken from the company's official website (bloomenergy.com).
Official website: https://www.bloomenergy.com/3. Where the company sits in the field
Bloom Energy sits on the user side of hydrogen. A fuel cell makes electricity from a fuel, but Bloom Energy's fuel is mainly natural gas; hydrogen is one of the fuel options. Its SOFC runs at high temperature (the company says its electrolyzer uses steam at 700-900°C), and its materials differ from polymer electrolyte fuel cells (PEFC), which use platinum-group catalysts Sourced. For the differences between the methods, see our explainers on solid oxide fuel cells, solid oxide electrolysis cells, and fuel cell vehicles and polymer electrolyte fuel cells.
4. Scale
Bloom Energy is not a hydrogen specialist, and almost all of its company-wide figures relate to the power-generating Energy Server Sourced. The company as a whole is covered briefly.
| Item (US$ thousand) | 2024 | 2025 | Change |
|---|---|---|---|
| Total revenue | 1,473,856 | 2,023,994 | +37.3% |
| Product revenue | 1,085,153 | 1,531,281 | +41.1% |
| Installation revenue | 122,318 | 204,068 | +66.8% |
| Service revenue | 213,542 | 228,295 | +6.9% |
| Electricity revenue | 52,843 | 60,350 | +14.2% |
| R&D spending | 148,629 | 185,993 | +25.1% |
In the first half of 2026 (January-June), total revenue was US$1.82 billion (US$727 million a year earlier) and R&D spending was US$116 million (US$81 million a year earlier) Sourced. In 2025, 81% of revenue came from the U.S., and three customers or distributors accounted for about 43%, 13% and 12% of revenue (the largest is a related party). Revenue from hydrogen-related products (electrolyzers and 100% hydrogen-fuelled generators) is not disclosed separately. The Form 10-K says that, to date, nearly all product revenue has come from sales of the Energy Server.
By the company's own account, recent revenue growth is driven by power demand from AI data centers, not by hydrogen. This article does not estimate hydrogen-related revenue Not yet confirmed.
5. Resources committed to hydrogen
The company does not disclose headcount or spending limited to hydrogen. The table shows what could be confirmed in the Form 10-K.
| Resource | What primary sources confirm | Category |
|---|---|---|
| People | Company-wide, 2,214 employees (31 December 2025). The R&D team includes 62 PhDs. Headcount limited to hydrogen is not disclosed | Sourced / partly undisclosed |
| Money (R&D) | 2025 R&D spending was US$185.99 million (company-wide). The amount for electrolyzers and hydrogen is not disclosed | Sourced / partly undisclosed |
| Money (capital spending and write-downs) | A research and technical center and a "global hydrogen development facility" (73,000 sq ft in total) opened in Fremont in June 2022. In 2025 the company recorded an inventory reserve of US$19.7 million and an asset impairment of US$2.1 million on the first-generation electrolyzer (the MD&A gives US$21.9 million for electrolyzer-related items in total). Cumulative investment in electrolyzers is not disclosed | Sourced / partly undisclosed |
| Outside investments, acquisitions, joint ventures, disposals | No hydrogen-specific investment or acquisition was found. The relevant transactions are SK ecoplant's investment in Bloom Energy (US$255 million of preferred stock in 2021, later converted to common stock) and the assembly joint venture in Korea. The Brookfield financing framework of up to US$5.0 billion is for power generation, not hydrogen | Sourced / hydrogen items not found |
| Universities, research institutes, public funding | Testing of a 100 kW electrolyzer at Idaho National Laboratory (INL, a U.S. Department of Energy laboratory) and installation of a 4 MW unit at NASA Ames Research Center. The Form 10-K does not give any amount of public funding for hydrogen | Sourced / funding not found |
Status of major projects
| Project | Location | Scale | Stage | Date | Source |
|---|---|---|---|---|---|
| Electrolyzer testing at INL | Idaho, U.S. (DOE laboratory) | 100 kW; 4,500 hours at full load completed, per the company | Test (demonstration) | As of the 3 May 2023 announcement | Reference 4 |
| Electrolyzer at NASA Ames | California, U.S. | 4 MW; over 2.4 tonnes of hydrogen per day equivalent (company figure) | Demonstration (hydrogen production began) | 3 May 2023 | Reference 4 |
| Test of a 100% hydrogen-fuelled Energy Server | Ulsan, South Korea | Scale not stated in the announcement | Test (five months) | As of the 29 September 2021 announcement | Reference 6 |
| Electrolyzer FID, construction or commercial operation | - | - | Not found | - | Reference 1 |
Bloom Energy says the Energy Server and the Electrolyzer share the same solid oxide structure (cell printing, stacks and columns) and largely the same supply chain and manufacturing process Sourced. In power generation the cell oxidizes fuel to draw out electricity; in electrolysis it uses electricity to split steam, so the cell works in reverse. The demands on the materials are not identical, however. On the electrolysis side, electrodes exposed to high steam partial pressure and the seals between cells are typical durability concerns (see our explainer on solid oxide electrolysis cells) Not yet confirmed. The Form 10-K does not say why the first generation was stopped.
6. What it has done so far
| When | What happened | Meaning |
|---|---|---|
| 2001 | Company founded. It describes its roots as work on electrolyzers and fuel cells for NASA's Mars programme | The idea that electrolysis and fuel cells are two sides of one technology (company's account) |
| 27 June 2019 | Announced that Energy Servers can run on renewable hydrogen | Adds hydrogen to the fuel options |
| 29 September 2021 | Announced commercial availability of 100% hydrogen-fuelled Energy Servers. Orders accepted; shipments expected to begin in 2022. Five-month test with SK ecoplant in Ulsan | Hydrogen-fuelled product commercialized |
| 25 October 2021 | Expanded partnership with SK ecoplant. Agreed to set up hydrogen innovation centers in the U.S. and Korea, with a targeted investment of about US$500 million (the US$255 million preferred-stock investment closed on 29 December 2021) | A framework to open hydrogen markets jointly |
| June 2022 | Opened a research and technical center and a "global hydrogen development facility" in Fremont | A hydrogen development base |
| 3 May 2023 | Began hydrogen production from the 4 MW electrolyzer at NASA Ames. Also announced results of the 100 kW test at INL (37.7 kWh/kg) | The high point of electrolyzer demonstration |
| December 2023 | Amended the SK ecoplant agreement so that purchase commitments can also be met with electrolyzers | Contractually anticipates electrolyzer sales |
| 2025 | Stopped marketing and selling the first-generation electrolyzer. Recorded a US$19.7 million inventory reserve and a US$2.1 million asset impairment | A pause in the electrolysis business (per the Form 10-K) |
7. What comes next
The Form 10-K says the company is developing several pathways toward carbon-free operation: combined heat and power (CHP), carbon capture, biofuels and hydrogen Not yet confirmed. It describes the use of hydrogen as conditional on hydrogen becoming more readily and economically available. Most of the company's plans concern expanding generating capacity for data centers.
Revenue, R&D spending and headcount limited to hydrogen / electrolyzer customers and orders / any next-generation electrolyzer plan / delivery sites and unit counts for 100% hydrogen-fuelled Energy Servers / amounts of public funding for hydrogen / names of university collaborations. None of these appears in the Form 10-K or Form 10-Q.
8. What the company is aiming for in hydrogen
This table separates what the company says directly from what we read into it. An Inference is our own interpretation of primary-source material.
| What can be read | Primary-source basis | Category |
|---|---|---|
| The main source of revenue is power generation; hydrogen is one option | Nearly all product revenue is from the Energy Server. Hydrogen is described as a fuel it can use once it becomes available and economic | Sourced |
| It is waiting for the hydrogen market to develop | It says only a small fraction of proposed hydrogen production projects have reached a final investment decision and that policy support is critical | Sourced (company's view) |
| The electrolyzer has been pulled back as a product, for now | Marketing and sales of the first generation halted; inventory reserve and impairment recorded | Sourced |
| It keeps the solid oxide electrolysis technology and people | It describes the electrolyzer as built on the same supply chain and process; the stop is worded as applying to the "first generation" | Inference |
| It is concentrating resources on the power shortage at data centers | Capacity doubling from 1 GW to 2 GW; higher sales and R&D costs linked to AI data-center power programs | Sourced (company's explanation) / Inference (priority) |
The reading that the technology and people are kept rests on the narrow scope of the halt. The Form 10-K says the company stopped marketing and selling "the first generation" and does not say it is exiting the electrolyzer business Sourced. The business description in the same filing still lists the Bloom Electrolyzer as one of two main products. However, no plan for a second generation appears in the primary sources, so whether it will resume cannot be confirmed Not yet confirmed. The company's product page still presented the electrolyzer in October 2026, but its figures date from the 2023 tests.
9. Map of partnerships in hydrogen
The relationships named in primary sources for hydrogen are SK ecoplant (sales, assembly joint venture, hydrogen innovation centers and equity) and public test and installation sites (INL and NASA Ames) Sourced. Brookfield (a financing framework of up to US$5.0 billion) and AEP (an agreement to procure up to 1 GW) are power-generation partnerships, not hydrogen. The Form 10-K and company announcements do not name any customer that bought an electrolyzer.
10. Technologies, products and services
Bloom Energy has two hydrogen-related products Sourced. All performance figures are the company's stated values, given under different conditions, so we do not rank them against others.
| Category | What the official materials say | Note |
|---|---|---|
| Bloom Energy Server (power generation) | Solid oxide fuel cell. Runs on natural gas, biogas, hydrogen or blends. No combustion; direct-current output; modular, from kilowatt to megawatt-scale configurations | A 100% hydrogen-fuelled version was announced as available (September 2021); sales results are not disclosed |
| Bloom Electrolyzer (water electrolysis) | Solid oxide type. Electrolyzes steam at 700-900°C. A 4 MW unit installed at NASA Ames (2023) | Marketing of the first generation halted (2025) |
| Electrolysis efficiency (company's stated value) | 37.7 kWh/kg in the 100 kW test at INL (announcement of May 2023). The product page gives 37.5 kWh/kg at system level and says PEM and alkaline use "as much as 52-54 kWh/kg" | The figures for other methods are the company's claim, and their source and conditions are not given on the page. Steam supply conditions must also be compared |
| Operating behaviour (company's stated value) | Ramp from 100% to 5% output in under 10 minutes in the INL test; efficiency at 5% load said to be maintained | An indicator for following variable renewable output |
| Services | Operations and maintenance (O&M) contracts; two remote monitoring and control centers (U.S. and India) | The same remote-monitoring software is said to be used across all products |
A solid oxide cell moves ions through a ceramic solid electrolyte coated on both faces with electrode inks (as the product page describes it) Sourced. Operating at 700-900°C lowers the electrical energy needed for electrolysis. On the other hand, a stack that bundles cells with metal interconnects and seals is exposed to repeated heating, cooling and steam, so cracking from thermal-expansion mismatch, chromium evaporating from metal parts and poisoning the electrode, and seal degradation are generally regarded as durability issues (the company's materials do not discuss them individually) (see our explainers on solid oxide electrolysis cells and solid oxide fuel cells) Not yet confirmed. The Form 10-K mentions rare earth elements, specialty alloys, and manufacturing methods such as sintering and brazing in its supply chain, and cites the difference from PEM, which relies on a platinum-group catalyst, as a competitive feature. No figures for individual materials or durability (lifetime) are disclosed.
11. The risks this company carries
| Risk | Detail | Category |
|---|---|---|
| Development of the hydrogen market | The company says only some hydrogen production projects have reached a final investment decision and transport infrastructure is not yet in place. The halt in first-generation sales suggests electrolyzer sales did not build up as hoped | Sourced / Inference |
| U.S. hydrogen policy | OBBBA limited the Section 45V hydrogen production tax credit to projects that begin construction by 31 December 2027. The company says policy support for hydrogen is stronger overseas than in the U.S. | Sourced |
| Customer concentration | In 2025 the top three accounted for about 68% of revenue (43%, 13%, 12%). The largest is a related party | Sourced / Our calculation |
| Accumulated deficit and financing | Net losses since founding; accumulated deficit of US$4.0 billion at end-2025. It raises funds through convertible notes and other debt (US$2.5 billion principal of 0% convertible senior notes issued in November 2025) | Sourced |
| Executing the expansion | The company cites possible delays, cost overruns and labour shortages in expanding to 2 GW | Sourced |
| Tariffs and supply chain | Exposure to China is not significant, but tariffs on imports from other countries could affect costs | Sourced |
| Limited visibility | Revenue, costs and headcount for hydrogen are not disclosed, so the scale of the hydrogen business is hard to verify from outside | Not yet confirmed |
12. Glossary
- SOFC (solid oxide fuel cell)
- A fuel cell that uses a ceramic solid electrolyte to make electricity from fuel at high temperature. Bloom Energy's core product.
- SOEC (solid oxide electrolysis cell)
- The same structure run in reverse, making hydrogen from high-temperature steam.
- PEM (proton exchange membrane)
- A method using a solid polymer membrane and platinum-group catalysts. Exists for both electrolysis and fuel cells.
- kWh/kg
- Electricity needed to make 1 kg of hydrogen. Lower means less electricity. The value depends on conditions, such as whether steam is supplied and the system boundary.
- INL
- Idaho National Laboratory, one of the national laboratories of the U.S. Department of Energy (DOE).
- Section 45V
- A U.S. tax-code provision giving a production tax credit for clean hydrogen. Scaled back by the 2025 law (OBBBA).
- FID (final investment decision)
- The final decision to proceed with building a project.
- O&M
- Operations and maintenance: after a sale, the company monitors the product remotely and replaces parts.
13. References
- Bloom Energy Form 10-K for the year ended 31 December 2025 (filed 9 February 2026). Business overview, description of the electrolyzer, the halt in marketing the first-generation electrolyzer and related impairments, R&D spending, headcount, the SK ecoplant agreements, manufacturing capacity, policy discussion and risk factors. https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm
- Bloom Energy Form 10-K for the year ended 31 December 2024 (filed 27 February 2025). The 2024 description of the electrolyzer (including the company's statement about Idaho National Laboratory's assessment) and of Section 45V. https://www.sec.gov/Archives/edgar/data/1664703/000162828025008747/be-20241231.htm
- Bloom Energy Form 10-Q for the quarter ended 30 June 2026 (filed 28 July 2026). First-half 2026 revenue and R&D spending. https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm
- Bloom Energy Press release, "Bloom Energy Demonstrates Hydrogen Production with the World's Most Efficient Electrolyzer and Largest Solid Oxide System" (3 May 2023). Figures for the 4 MW installation at NASA Ames and the 100 kW test at Idaho National Laboratory (company announcement). https://www.bloomenergy.com/news/bloom-energy-demonstrates-hydrogen-production-with-the-worlds-most-efficient-electrolyzer-and-largest-solid-oxide-system/
- Bloom Energy Bloom Electrolyzer (product page). Cell structure of the electrolyzer and the company's own comparison table and figures (company claims). Viewed in October 2026. https://www.bloomenergy.com/bloomelectrolyzer/
- Bloom Energy Press release, "Bloom Energy Announces Commercial Availability of Hydrogen Powered Fuel Cells" (29 September 2021). Availability of hydrogen-fuelled Energy Servers and the pilot with SK ecoplant in Ulsan. https://www.bloomenergy.com/news/bloom-energy-announces-commercial-availability-of-hydrogen-powered-fuel-cells/
- Bloom Energy / SEC Form 8-K, Exhibit 99.1 (25 October 2021): expanded partnership with SK ecoplant. Agreement to set up hydrogen innovation centers and the terms of the investment. https://www.sec.gov/Archives/edgar/data/1664703/000119312521306073/d164689dex991.htm
- Bloom Energy Press release, "Bloom Energy Announces Hydrogen-Powered Energy Servers to Make Always-On Renewable Electricity a Reality" (27 June 2019). Announcement that Energy Servers can run on hydrogen. https://www.bloomenergy.com/news/bloom-energy-announces-hydrogen-powered-energy-servers-to-make-always-on-renewable-electricity-a-reality/
- Bloom Energy Official website (source of the logo image). Source of the logo image (Logo.svg). https://www.bloomenergy.com/
14. Claim-to-source audit
| Claim in the text | Category | Source |
|---|---|---|
| Legal name, head office (San Jose), 2,214 employees (31 December 2025), sites (Fremont, Newark) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| 2025 total revenue of US$2.02 billion (US$1.47 billion in 2024), product revenue of US$1.53 billion, R&D of US$186 million | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| First-half 2026 total revenue of US$1.82 billion and R&D of US$116 million | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm |
| Nearly all product revenue comes from the power-generating Energy Server; electrolyzer revenue is not separately disclosed | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| How the SOFC-based Energy Server works (fuels: natural gas, biogas, hydrogen or blends) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| Announcement that Energy Servers can run on hydrogen (27 June 2019) | Sourced | Reference 8 https://www.bloomenergy.com/news/bloom-energy-announces-hydrogen-powered-energy-servers-to-make-always-on-renewable-electricity-a-reality/ |
| Commercial availability of 100% hydrogen-fuelled Energy Servers (29 September 2021) and the five-month pilot with SK ecoplant in Ulsan | Sourced | Reference 6 https://www.bloomenergy.com/news/bloom-energy-announces-commercial-availability-of-hydrogen-powered-fuel-cells/ |
| Expanded SK ecoplant partnership (25 October 2021): two hydrogen innovation centers and a US$255 million preferred-stock investment (closed 29 December 2021) | Sourced | Reference 7 https://www.sec.gov/Archives/edgar/data/1664703/000119312521306073/d164689dex991.htm Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| SK ecoplant holds about 2.5% of the stock; its purchase commitment can be met with electrolyzers (second amendment, December 2023) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| 4 MW electrolyzer at NASA Ames (hydrogen production began 3 May 2023); over 2.4 tonnes of hydrogen per day equivalent | Sourced | Manufacturer's stated value (company announcement). Reference 4 https://www.bloomenergy.com/news/bloom-energy-demonstrates-hydrogen-production-with-the-worlds-most-efficient-electrolyzer-and-largest-solid-oxide-system/ |
| 100 kW test at Idaho National Laboratory: 37.7 kWh/kg, ramp from 100% to 5% output in under 10 minutes, 4,500 hours at full load | Sourced | Manufacturer's stated value (company announcement). Reference 4 https://www.bloomenergy.com/news/bloom-energy-demonstrates-hydrogen-production-with-the-worlds-most-efficient-electrolyzer-and-largest-solid-oxide-system/ |
| Product-page figures (system-level 37.5 kWh/kg; 52-54 kWh/kg given for other methods) | Sourced | Manufacturer's stated value. The source and conditions of the figures for other methods are not given on the page. Reference 5 https://www.bloomenergy.com/bloomelectrolyzer/ |
| Statement that INL concluded in 2023 it was the most efficient electrolyzer it had tested | Sourced | Stated by the company. INL's own document was not checked for this article. Reference 2 https://www.sec.gov/Archives/edgar/data/1664703/000162828025008747/be-20241231.htm |
| Marketing and sales of the first-generation electrolyzer stopped in 2025; inventory reserve of US$19.7 million, impairment of US$2.1 million | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| Research and technical center and "global hydrogen development facility" in Fremont (June 2022, 73,000 sq ft) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| Fremont capacity being expanded from 1 GW to 2 GW (completion expected by end-2026); mainly for power generation | Not yet confirmed | Company target. Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| Hydrogen listed among several pathways to carbon-free operation; no next-generation electrolyzer plan stated | Not yet confirmed | Company plan. Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| US OBBBA cuts to Section 45V (construction must begin by 31 December 2027) and the extended Section 48E credit for fuel cells | Sourced | As described in the Form 10-K; the statute itself was not checked for this article. Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| The company's view that the markets for hydrogen production, transport and demand are at an early stage | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm |
| Final investment decisions on electrolyzer projects, university collaborations, and the amount of public funding for hydrogen | Not yet confirmed | Not found in the Form 10-K or 10-Q for this article. We do not claim that none exist. |
| The classification (fuel cells & end-use primary, electrolyzers secondary) and the example companies | Our calculation | Our own classification. |
| Reading that hydrogen is a small part of the company and that its centre of gravity is power generation | Inference | Our own reading of the revenue description in Reference 1. |
| Reading that the technology and staff behind electrolyzers are being kept | Inference | Our own reading of the wording "first-generation" in Reference 1. |
Last updated: 5 October 2026 / Troy Technical
The figures in this article are based on Bloom Energy's statutory filings (Forms 10-K, 10-Q and 8-K) and company announcements. Market estimates from research firms and press-reported figures are not used. Product performance figures are the company's stated values under differing conditions and are not a ranking. Items marked "Inference" are our own readings of primary-source material, not statements by the company. This article is not advice on handling hydrogen.