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.
Bloom Product, Install, Service, Electricity
Product is the Energy Server. Installation is site work. Service is O&M. Electricity is the PPA/financing residual. Product was $1.53B of the $2.02B in 2025.
Bloom Product vs Service Backlog
Year-end 2025: about $6B product and $14B service. Service is contracted O&M that customers can cancel annually. Not a megawatt backlog.
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. |
Plug Power Annual Revenue
The hydrogen-economy ticker. $710M in 2025, still below the 2023 $891M print. Not Bloom.
Plug GenDrive Installed Base
Company floors, not an audited unit count. Q2 2026: more than 76,000 systems. Material handling is the PEM use that already prints.
Plug Liquid Hydrogen Network
Three live US plants, about 40 tons per day nameplate. FY2025 output over 4,600 tonnes; customer supply over 5,250 tonnes because Plug also buys third-party hydrogen.
| Site | Nameplate TPD | FY2025 output (t) | Note |
|---|---|---|---|
| Kingsland / Woodbine, GA | 15 | Over 2,500 | Owned. Nameplate April 2024. |
| Charleston, TN | 10 | 1,541 | Owned. Nameplate April 2024. |
| St. Gabriel, LA (Hidrogenii JV) | 15 | 561 | 50/50 with Olin. First liquid H2 April 2025. |
| Three-plant nameplate | About 40 | Over 4,600 | Nameplate, not utilization. |
| Supplied to customers | n/a | Over 5,250 | Includes third-party hydrogen purchases. |
Ballard Power Annual Revenue
PEM stacks for buses, trucks, rail, and marine. $99.4M in 2025. Truck volume, if it arrives, shows up on Semi Trucks.
FuelCell Energy Annual Revenue
Fiscal year ends 31 October. $158M in FY2025. Distressed. On the roster so the stationary set is complete, not as a second Bloom.
Ceres License vs Bloom Manufacturing
Same ceramics family, opposite models. Ceres 2025 was 32.6 million pounds. Doosan 50 MW/year is the one printed partner factory. Bosch's ~200 MW plan was terminated.
| Item | Bloom Energy | Ceres Power |
|---|---|---|
| Model | Manufactures and sells SOFC Energy Servers | Licenses SOFC stack IP; sells kits to partners |
| 2025 revenue print | $2.024B | 32.6 million pounds |
| 2025 mix | Product $1.531B of the total | Engineering and licences 22.2, hardware 10.3, royalties 0.1 (million pounds) |
| Factory print | Own manufacturing (MW nameplate not used on this card) | Doosan 50 MW/year SOP Jul 2025. Bosch ~200 MW plan terminated Feb 2025. |
| Hydrogen in the 2026 P&L | Optionality. 2026 guide is natural-gas SOFC for AI load. | SOEC path with DENSO. Stationary power licences with Doosan, Delta, Weichai. |