SAN JOSE, Calif. - Bloom Energy Corp (NYSE: NYSE:BE), a company specializing in solid oxide fuel cell technology, announced the appointment of Barbara Burger, Ph.D., to its Board of Directors, effective from August 1, 2024. Burger, a former Chevron (NYSE:CVX) executive with extensive experience in the energy sector, will bring her expertise in innovation and sustainable energy solutions to the company.
Burger concluded her tenure at Chevron in 2022 as vice president of innovation and president of Chevron Technology Ventures. Her role involved spearheading initiatives that combined current technology with sustainable solutions to meet future energy demands. This experience is expected to be particularly beneficial to Bloom Energy as it advances its Solid Oxide Fuel Cell (SOFC) platform and explores new applications to support the transition to a zero-carbon future.
KR Sridhar, Founder, Chairman, and CEO of Bloom Energy, expressed enthusiasm for Burger's appointment, citing her commercial background and experience in developing energy solutions as valuable assets to the company. He emphasized the importance of carbon capture technology in achieving a zero-carbon future and Bloom Energy's capability to facilitate carbon capture through its Energy Server platform.
Burger shared her excitement about joining Bloom Energy's board at a crucial time for the energy transition, highlighting the need for reliable and efficient energy solutions that can meet global demands while minimizing environmental impact. She noted Bloom Energy's significant role in developing the necessary energy systems for progress.
In addition to her professional accomplishments, Burger has been active in civic and industry boards and advisory positions, focusing on energy transition challenges, equity, and access to education. She has made notable contributions to the University of Rochester and the California Institute of Technology, where she supports initiatives aimed at social impact and the advancement of graduate women in chemistry.
Bloom Energy's mission is to deliver clean, reliable, and affordable energy worldwide. The company's Bloom Energy Server provides always-on electric power for various industries, including manufacturing, data centers, healthcare, and education. This appointment is based on a press release statement from Bloom Energy.
In other recent news, Bloom Energy Corporation has been making strategic moves to support the energy needs of the AI industry. The company has entered into a partnership with CoreWeave, Inc., planning to install its proprietary fuel cells at a CoreWeave data center in Volo, Illinois. This installation, scheduled for Q3 2025, aims to provide reliable on-site power generation for CoreWeave's cloud-based AI computing solutions.
In addition, Bloom Energy has partnered with Sembcorp Industries to provide low-carbon electricity in Singapore. This partnership has led RBC Capital to maintain its Outperform rating for Bloom Energy. JPMorgan also reaffirmed its Overweight rating and a $210.00 price target for the company, expressing confidence in its prospects.
Furthermore, Bloom Energy has welcomed Gary Pinkus, Chairman of McKinsey & Company in North America, to its Board of Directors, bringing extensive governance, leadership, and executive expertise to the role. These are among the recent developments for Bloom Energy as it continues to advance in the energy sector.
InvestingPro Insights
As Bloom Energy Corp (NYSE: BE) welcomes Barbara Burger to its Board of Directors, the company's financial health and market performance provide a backdrop to its strategic direction. According to InvestingPro data, Bloom Energy has a market capitalization of $3.31 billion, reflecting its place in the market. Despite a challenging period with a revenue decline of 14.5% in the first quarter of 2024, the company has managed to maintain a strong return over the last three months, with its stock price increasing by 51.62%.
One of the InvestingPro Tips highlights that Bloom Energy is trading at a high Price / Book multiple of 7.05. This could indicate investor confidence in the company's assets and potential growth, aligning with the optimism around the appointment of an energy sector veteran to the board. Additionally, the company is expected to grow its net income this year, which may be a factor in the robust three-month stock performance.
With a focus on innovation and sustainable energy solutions, Bloom Energy's strategy seems to be resonating with market sentiment. Investors looking to delve deeper into the company's financial metrics and future outlook can find additional InvestingPro Tips at https://www.investing.com/pro/BE, including a total of 9 tips that offer insights into Bloom Energy's financial strength and market potential. For those interested, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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