Hydrogen & Fuel Cells
Hydrogen Fuel Cells
Fuel Cell Chemistries
SOFC is on-site generation from natural gas. PEM needs hydrogen. Mixing the two into one multiple is the usual mistake.
| Chemistry | Temp | Fuel today | Job | Roster names | The catch |
|---|---|---|---|---|---|
| SOFC | ~700-1000 C | Natural gas (H2 capable) | On-site prime power, 24/7 | Bloom, Ceres (IP) | Slow start. Gas feedstock. Wins when the grid is late, not when H2 is cheap. |
| PEM | ~60-80 C | Pure hydrogen | Forklifts, buses, trucks, backup | Plug, Ballard | Needs a hydrogen network. Material handling is the only PEM use that already prints. |
| MCFC | ~600-700 C | Natural gas / biogas | Industrial CHP, carbon capture pilots | FuelCell Energy | Has not scaled. Distressed equity. Not a data-center product. |
| SOEC (reverse SOFC) | ~700-800 C | Electricity + steam | High-efficiency electrolysis | Bloom (electrolyzer line) | Same ceramics as SOFC. Offtake is the 37-vs-4.2 Mtpa problem, not the stack. |
Bloom Energy Annual Revenue
The one fuel-cell P&L that inflected. 2026e is the midpoint of the raised $3.9B-$4.2B guide, not a print.
On-Site Fuel Cell Offtake
Megawatts of generation, not kilograms of hydrogen. AEP at 1 GW is the sized number. Hyperscaler qualification is Bloom's claim, not a disclosed MW total.
| Deal | MW | Status | What it is |
|---|---|---|---|
| AEP (2024 purchase) | 100 | Contracted 2024 | First firm block. Ohio and Texas called out as early sites in 2026 reporting. |
| AEP option conversion | 900 | Exercised Jan 2026 | Turns the 2024 option into 1 GW total. Reported as a $2.65B, 20-year offtake. AEP is the customer; it stays on Utilities. |
| AEP total framework | 1,000 | Live | Largest disclosed utility SOFC book. This is why Bloom is a generation name, not a hydrogen name. |
| US hyperscalers + neoclouds | Not disclosed as a total | Qualified (Bloom Q2 2026) | Bloom said all major US hyperscalers and more than a dozen neoclouds, AI labs, and colo operators have validated the product. No MW roll-up in the PR. |
| C&I (semiconductor, hospitals, retail) | Not disclosed as a total | Ongoing | The pre-AI book. Still in the mix; FY2025 growth was 'significant' from AI data centers plus continued C&I. |
