Bloom Energy: Beyond the behind the meter...

This note focuses on whether Bloom Energy's opportunity set is materially larger than the market currently assumes. The two main investor questions are whether its opportunity extends beyond behind-the-meter power for data centers, and whether it has the capacity to meet demand. The report examines four developments that could expand Bloom's addressable market over time, informed by two recent developments: Virginia's Energy Plan and Ameren's Integrated Resource Plan, both highlighting emerging demand for firm, dispatchable, low-emission power. The four areas are front-of-the-meter generation, a non-combustion advantage amid rising NIMBYism, an emerging 800V DC data center architecture, and longer-term carbon capture (CCS). Bloom's recent Fremont expansion reflects both strong demand and its commitment to expanding capacity. The utility channel, 800V DC architectures and CCS are viewed as credible long-term growth opportunities that could support revenue growth primarily between 2029 a