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Bloom Energy rose nearly 5% in after-hours trading, inking a memorandum of understanding with a California-based resource company.

1 hours ago

California Resources Corp. (CRC) and its carbon management business Carbon TerraVault announced they have signed a memorandum of understanding (MOU) with Bloom Energy to jointly evaluate and advance the development of at least 1 GW of solid oxide fuel cell power generation in California, alongside carbon capture and storage (CCS). The two parties plan to integrate Bloom’s fuel cell technology, third-party carbon capture solutions, and Carbon TerraVault’s carbon dioxide (CO₂) transportation and permanent sequestration capabilities. The initial project is expected to capture and permanently store up to around 3 million tons of CO₂ annually, with potential power off-takers including utilities, municipalities, data centers, and other industrial users. CRC stressed that the MOU is non-binding; related projects still require final agreements, final investment decisions, and regulatory approvals such as the U.S. Environmental Protection Agency (EPA) Class VI permit. According to data from BIT Stock Platform, Bloom Energy’s shares rose nearly 5% in after-hours trading after the announcement.

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