Bloom Energy Inc. has received $75 million in tax credits from the Department of Energy, Department of Treasury, and the Internal Revenue Service. The company, which focuses on clean energy solutions, will use the money from the Qualifying Advanced Energy Project 48C initiative to fund its recently opened multi-gigawatt Fremont, California manufacturing plant. Bloom plans to expand domestic manufacturing and fuel cell and electrolyzer production capacity at the plant, which manufactures high-efficiency fuel cell stacks.
What people are saying
In a recent quote, KR Sridhar, Founder, Chairman and CEO of Bloom Energy, said, “The $75 million of funding from the Federal government is a vote of confidence in Bloom’s commitment to domestic manufacturing, in our solid oxide technology, and in our mission to facilitate the energy industry’s decarbonization. These funds will enable us to invest in the operational efficiency of our Fremont facility and accelerate the expansion of our stack capacity, so that we can continue to deliver timely, resilient power solutions to our customers.”
Bloom Chief Operating Officer Satish Chitoori added, “The Qualifying Advanced Energy Project Tax Credit is a highly sought after government incentive that brings financial support to over 100 projects across 35 states to accelerate domestic clean energy manufacturing and decarbonization. The $75 million tax credit, equaling up to 30% of expenditures to expand the Fremont capacity, recognizes our commitment to scaling domestic manufacturing, so we are grateful to have been among the companies to receive the credit for capital projects.”
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