Shares of Bloom Energy Inc (NYSE:BE) are trading higher in the premarket session on Tuesday.
The clean energy solutions provider was awarded up to $75 million in tax credits by the Department of Energy, Department of Treasury, and the Internal Revenue Service. The tax credit comes under the Qualifying Advanced Energy Project 48C initiative.
Bloom said it was selected for this award for its commitment to expanding domestic manufacturing and fuel cell and electrolyzer production capacity at its multi-gigawatt Fremont, California, manufacturing plant.
The Fremont facility is capable of manufacturing high-efficiency fuel cell stacks, which serve as the foundational technology for the company’s Energy Server platform and Bloom Electrolyzer.
The facility’s annual output can produce over 1 gigawatt, the equivalent capacity of adding a nuclear power plant every year.
The funding is part of the $4 billion in tax credits recently announced by the White House to boost domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities.
“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,” said Founder, Chairman and CEO KR Sridhar.
Price Action: BE shares are trading higher by 4.09% at $12.15 in premarket on the last check Tuesday.
