Bloom Energy stock gains on carbon capture partnership with California Resources

Bloom Energy Corp. (NYSE:BE) has strengthened its position in the market after striking a strategic partnership with California Resource Corporation and its subsidiary Carbon TerraVault. The non-binding memorandum of understanding will allow both companies to evaluate over 1 gigawatt of power generation capacity, with a focus on incorporating carbon capture technology.

Carbon TerraVault will be responsible for facilitating the transportation and storage of carbon dioxide as part of this partnership. Currently trading at $196.25, Bloom Energy shares have experienced a 10% decline over the past week, but have still managed to surge 126% year-to-date. Despite being viewed as overvalued relative to its Fair Value, with a market capitalization of $58 billion, Oppenheimer analyst Colin Rusch maintained a Perform rating on Bloom Energy.

The analyst firm believes that fuel cell technology is well-suited for delivering carbon capture systems alongside baseload power. This partnership expands Bloom Energy's growth opportunities beyond the data center sector and aims to reduce customer concentration risk in this area. The company's strong third-quarter 2026 results exceeded analyst expectations and led to an increase in full-year adjusted operating income guidance, which now ranges between $960 million to $1.0 billion.

Following the earnings beat and partnership announcement, Oppenheimer reiterated a Perform rating on Bloom Energy.