Bloom Energy is About to Make Money from Fuel Cells
Bloom Energy CFO Bill Kurtz told Fortune magazine in an official statement: ”Bloom Energy is pleased with the substantial progress we have made in 2012. On a pro-forma basis, Bloom has become gross-margin-positive in 2012 and is on track with our goal to be profitable in 2013.”
Fuel cells were invented over a century ago, but until now, they have not gained widespread adoption because of their inherently high costs, according to Bloom Energy’s website. Bloom makes solid oxide fuel cells because it has identified these as the most cost effective, all-electric solution for commercial applications.
Bloom’s fuel cell clients include Google, Adobe, FedEx, Coca-Cola and Wal-Mart. And in October, Bloom announced AT&T will more than double its fuel cell power, becoming Bloom’s largest non-utility customer.
Bloom’s biggest single project, a 30 MW installation with Delmarva Light & Power, is hampered by litigation in Delaware. The nonprofit legal advocacy group Cause of Action, along with competing fuel cell maker FuelCell Energy, filed a lawsuit accusing the Delaware governor and Delaware Public Service Commission of cronyism in awarding Bloom the utility project.
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