Bloom Energy Stock Jumps After the Bell: Here's Why

Bloom Energy Corp (NYSE:BE) shares are rising in extended trading Monday after the company announced a strategic collaboration with California Resources Corp.

• Bloom Energy stock is trading in a tight range. What’s the outlook for BE shares?

Bloom Energy Inks Deal With California Resources

Bloom Energy has signed a memorandum of understanding with California Resources Corp (NYSE:CRC) and its carbon management business Carbon TerraVault. The companies will jointly evaluate and target the potential development of one gigawatt (GW) or more of solid-oxide fuel cell power generation paired with carbon capture and storage.

“Our non-combustion technology makes carbon capture more efficient and economically viable at scale, opening a new path to carbon-neutral power generation and addressing the decarbonization needs of large critical infrastructure,” said Aman Joshi, chief commercial officer of Bloom Energy.

The companies plan to pair Bloom Energy’s fuel cells and carbon capture technology with Carbon TerraVault’s CO2 storage and California Resources’ project management to bring fuel cell power with carbon capture to scale in California. The companies will initially seek power buyers such as utilities, municipalities and data centers.

BE Shares Rise After Hours

Bloom Energy shares were up 4.51% in after-hours, trading at $205.10 at the time of publication on Monday, according to Benzinga Pro.

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