Good news for green energy lovers, as Bloom Energy (NYSE:BE) inked an agreement with Perenco to bring solid oxide fuel cells to the UK. The move was sufficient to let Bloom Energy close up 4.37% in Wednesday’s trading session. Perenco landed a Bloom Energy Server platform, which marked the first time a Bloom Energy system had been deployed anywhere in the region. Plans are for the Energy Server to go in at Wytch Farm in Dorset, where the system will be used for “baseload requirements.”
Baseload requirements are the minimum amounts of power required for any entity to operate. Interestingly, Wytch Farm is the largest onshore oil field Western Europe has to offer, so this may not exactly be a net-green deal. But it will—notes Bloom Energy senior managing director of international business Tim Schweikert—go a long way toward showing how Bloom Energy materials can keep its “energy-intensive clients” well-stocked with needed power.
Bloom Energy has been busy throughout Europe ahead of this development, though, as it’s already sold similar systems to Ferrari and Cefla in Italy, as well as established marketing arrangements with Spain and Portugal’s Telam. Plus, based on word from the Perenco CEO Benoit de la Fouchardiere, if the Wytch Farm installation goes well, Perenco will likely call in more Bloom Energy material, a big potential win in both the installation and the valuable marketing it can get in the sector.
Bloom Energy stock has some solid analyst support behind it as well. With eight Buy ratings and five Holds, Bloom Energy is considered a Moderate Buy by analysts. Further, it’s got a hefty 58.94% upside potential thanks to its $25.08 average price target.
