Bloom energy (New York Stock Exchange: BE) +2.8% after trading Monday after saying it received up to $75 million in federal tax credits to expand fuel cell and electrolyzer production capacity and improve operational efficiency at its multi-GW manufacturing plant in Fremont, California.
The financing is part of 4,000 million dollars. in tax credits announced by the Biden administration to accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities.
Bloom Energy's (BE) 164,000-square-foot Fremont plant, which opened in 2022, expanded the company's footprint to more than 524,000 square feet; The facility can produce more than 1 GW/year, the capacity equivalent to adding a nuclear power plant each year.
“The $75 million tax credit, which equals up to 30% of expenditures to expand Fremont capacity, recognizes our commitment to expanding domestic manufacturing,” said Bloom Energy (BE) Chief Operating Officer Satish Chitoori .