Bloom Energy's solid oxide technology is bidirectional: it can generate electricity from natural gas (fuel cell mode) or produce hydrogen from electricity (electrolyzer mode). This dual capability provides significant optionality on the green hydrogen economy. Bloom's solid oxide electrolyzers (SOECs) achieve higher efficiency (~90%) than competing PEM electrolyzers (~70-80%) by leveraging waste heat. The hydrogen business is pre-revenue at scale but represents a substantial option value as hydrogen economics improve with IRA subsidies and declining renewable electricity costs.
Bloom's solid oxide electrolyzers (SOECs) achieve approximately 90% efficiency when utilizing waste heat, compared to 70-80% for competing PEM electrolyzers. This efficiency advant...