Bloom Energy stock faces non-binding 1 GW California power plan

California Resources Corporation and its Carbon TerraVault business signed a non-binding memorandum of understanding with Bloom Energy on Monday, November 2, to evaluate at least 1 gigawatt of solid-oxide fuel-cell power generation paired with carbon capture and storage in California. The companies announced the plan in a California Resources release.

The initiative would combine Bloom Energy's fuel-cell systems and third-party carbon-capture technology with Carbon TerraVault's carbon dioxide transport and permanent-storage capabilities. California Resources would contribute project-management expertise. The partners said the arrangement is intended to support clean, firm power for the grid and large energy users.

Potential projects span California

The initial evaluation covers front-of-the-meter projects that could connect to Carbon TerraVault's California storage portfolio and utility customers. It also includes behind-the-meter projects across California Resources' Central Valley footprint for industrial users seeking on-site power. Potential offtakers include utilities, community choice aggregators, municipalities, data centers and other industrial customers.

The contemplated projects could make up to 3 million metric tons of carbon dioxide per year available for capture and permanent storage, according to the announcement. Bloom Chief Commercial Officer Aman Joshi said the company's non-combustion technology can make carbon capture more efficient and economically viable at scale. California Resources Chief Executive Francisco Leon said the combination could support data centers and the grid while expanding the role of Carbon TerraVault's storage business.

Execution remains the key test

The headline capacity is a development target rather than a firm order. The memorandum is non-binding, and the projects still require definitive agreements, final investment decisions, interconnection and permitting work, EPA Class VI permits and other regulatory approvals. The companies also need to secure customers and determine which projects can progress.

That structure leaves the next commercial milestones more important for investors than the initial gigawatt figure. Progress toward an identified project, a customer commitment or a final investment decision would provide a clearer measure of whether the collaboration can become equipment revenue for Bloom Energy.

Bloom Energy stock traded at 171.20 euros on Lang & Schwarz at 12:36 CET on Tuesday, November 10, 2026.

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