BofA notes that BFC Power, a Tallgrass subsidiary, has filed an air permit for up to 900MW of Bloom Energy (BE) fuel cells in Laramie County, Wyoming in what the firm calls Bloom’s “largest project filing to date” and “a step-up in scale that puts fuel cells into the broader utility and data-center power conversation.” However, the firm emphasizes that this is not yet a binding order, adding that approvals can stretch 6-12 months and that developers “often file for the maximum potential capacity while ultimately building in smaller, phased increments.” BofA maintains an Underperform rating and $24 price target on Bloom Energy shares.
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