The climate technology company Bloom Energy has produced more hype than profits since it was launched in 2001 by a former NASA adviser.
That may soon change thanks to America’s data center building boom, according to its co-founder and CEO KR Sridhar.
Bloom emerged from stealth mode in 2010 via a “60 Minutes” segment and went public eight years later at a valuation of $1.6 billion. Based in San Jose, California, the company’s main product is a solid-oxide fuel cell that uses electrochemical reactions to convert natural gas into electricity — a process that produces less air and climate pollution than burning the fossil fuel.
But in more than two decades, Sridhar’s fuel cell firm has yet to record an annual profit. Bloom came its closest to breaking even in 2024, making nearly $105 million in the fourth quarter and trimming its annual losses to under $30 million — 10 times less than what it lost the year before.
