The company’s revenue fourth quarter and total year revenue increased by 35.1% and 23.3%, respectively. Moreover, revenue and non-GAAP gross margin reached records for the fourth quarter and for the full year, surpassing US$1B for full-year revenues for the first time. The increase in revenue was largely attributed to an increase in product acceptances and improved pricing.

Bloom Energy is one of the largest manufacturers and distributors of solid oxide fuel cells (SOFCs) in the world. Its flagship product, the Bloom Energy Server, uses a combustion-free electrochemical process to convert conventional low-pressure natural gas, hydrogen, or biogas into electricity. While several companies exist in the fuel cell space, Bloom is considered one of the foremost players in the stationary fuel cell industry. Over and above that, Bloom and the SOFC-scandium market are joined at the hip, being the only known fuel cell manufacturer using scandium as a stabilizer in their cell’s electrolyte. In addition to the SOFC space, Bloom recently began production of its commercial solid oxide electrolyser cell (SOEC) line and added a new Combined Heat and Power (CHP) solution this year, aimed at increasing system efficiency and improving economics.

The increasing application of SOFCs is one of the main drivers directing scandium market growth. Solid oxide fuel cell production has rapidly increased between 2018 and 2021, in spite of the fact that other renewable energy sources have become more affordable. According to Project Blue estimates, the SOFC market accounted for around 55% of global scandium consumption in 2022. Corresponding with the release of Bloom’s results, scandium consumption in fuel cell technology is poised for continued growth, with a large increase in sales expected to come from Bloom’s hydrogen-based SOFCs and SOECs in the international market.

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