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Investing.com -- Shares of Bloom Energy (NYSE:BE) climbed 5.8% following the announcement of a collaboration with Conagra Brands, Inc. (NYSE:CAG) to deploy Bloom’s fuel cell technology at Conagra’s Ohio facilities. The 15-year power purchase agreement (PPA) is expected to generate around six megawatts of electricity, covering 70% to 75% of the power needs for the Troy and Archbold sites and projecting a 19% decrease in greenhouse gas emissions.
The partnership is part of Conagra’s commitment to reducing greenhouse gases in line with its 2030 science-based targets, which have been endorsed by the Science Based Targets initiative. Bloom Energy’s fuel cells are designed to provide sustainable and reliable electricity without combustion, aligning with Conagra’s strategy to minimize its carbon footprint and modernize its supply chain.
Adam Colling, C&I Sector Leader at Bloom Energy, expressed enthusiasm about the partnership, emphasizing Bloom’s dedication to delivering clean energy solutions and driving economic value, especially in grid-constrained regions like Ohio. Christine Daugherty, vice president of sustainability at Conagra Brands, highlighted the move as a significant stride towards meeting the company’s science-based targets and advancing renewable energy solutions.
In addition to the collaboration, Conagra has launched a $9 million Sustainability Capital Allowance program aimed at bolstering sustainability initiatives across its production facilities. This program supports investments in technologies that reduce environmental impact and promote sustainable practices throughout the company’s operations.
The market response to Bloom Energy’s new partnership reflects investor confidence in the company’s growth trajectory and its role in supporting Conagra’s sustainability goals. The collaboration not only represents a strategic business move for Bloom but also contributes to the broader shift towards cleaner energy in the industrial sector.
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