Mentioned:
One gigawatt of Bloom Energy’s fuel cells could be coming to California. And an oil and gas producer is behind it.
What’s happening:
- Bloom Energy (NYSE: BE) and California Resources (NYSE: CRC) have entered into a new non-binding deal to explore deploying 1 gigawatt of Bloom Energy’s solid-oxide fuel cell power with carbon capture in California
Why it matters:
- California Resources has publicly stated they are aiming to use Bloom Energy’s solid-oxide fuel cell power alongside of their Carbon TerraVault CO2 transportation and permanent storage for data centres and the grid
Going deeper:
- California Resources’ Carbon TerraVault CO2 transportation and permanent storage pipes captured C02 and injects it deep underground into depleted oil and gas reservoirs for permanent storage
- Brookfield is a 49% owner of the Carbon TerraVault joint venture with California Resources and is also notably a financing partner for Bloom Energy
The intrigue:
- Bloom Energy and Brookfield previously made waves on Wall Street when Brookfield expanded their funding commitment to Bloom Energy to a total of up to $25B USD
