Bloom Energy rises nearly 5% after hours, signs memorandum of understanding with California Resources Corporation

November 3 - California Resources Corporation (CRC) and its carbon management business Carbon TerraVault announced that they have signed a memorandum of understanding with Bloom Energy to jointly evaluate and advance the development of at least 1 GW of solid oxide fuel cell power generation in California, paired with carbon capture and storage. The two parties plan to combine Bloom's fuel cells with third-party carbon capture technology, as well as Carbon TerraVault's CO2 transportation and permanent sequestration capabilities. The initial projects could correspond to up to approximately 3 million tonnes per year of CO2 emissions available for capture and permanent sequestration, with potential power purchasers including utilities, municipalities, data centers, and other industrial users.

CRC emphasized that the memorandum of understanding is non-binding, and the relevant projects still require the signing of definitive agreements, a final investment decision, and regulatory approvals including U.S. Environmental Protection Agency Class VI permits.

According to data from the BIT stock platform, following the announcement, Bloom Energy rose nearly 5% in after-hours trading.