Bloom Energy Corp. (BE.N): Investor Meeting Takeaways

Earlier this week we hosted an investor meeting with BE management in NY. We met with senior leaders at Bloom as the company celebrates its 25th anniversary and recent inclusion in the S&P500 index. We sensed strong confidence from the team on the growth outlook and execution capabilities to scale the business, and we think several future product opportunities are underappreciated (carbon capture, combined heat & power). The strong demand outlook is multi-faceted, with US data center growth alongside international markets as well as other industries being driven by long-term structural trends. Even as data center demand growth takes the bulk of the market's attention, power demand more broadly is increasing from other key drivers: electrification, EV adoption and reshoring of industrial production. Bloom indicated it is gaining traction in Japan, a new international market and an addition to a list of other international regions (Taiwan, Ireland and the UK) seeing fuel cell demand. Blo