bloom engergy
TRANSCRIPT
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Competitive Analysis
Yi Lu
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Table of Content
Executive Summary ........................................................................................................................ 3
1. Background on Bloom Energy ................................................................................................... 4
1.1. Operating results ..................................................................................................................... 4
1.2. Products offered, mix, pricing, and comparison to competitors’ offerings ............................ 4
2. Business Model for Bloom Energy ............................................................................................. 7
2.1. Target cost structure ............................................................................................................... 7
2.2. Target Markets ....................................................................................................................... 8
2.3. Effects of a decrease or elimination of government subsidies ............................................... 8
2.4. SWOT, long-term business plan and strategic outlook, including scale objective ................ 9
2.4.1. Strength ............................................................................................................................. 9
2.4.2. Weakness ........................................................................................................................ 10
2.4.3. Opportunity ..................................................................................................................... 11
2.4.4. Threat .............................................................................................................................. 12
2.4.5. Business Strategy ............................................................................................................ 12
2.5. Planned Capacity .................................................................................................................. 13
3. Competitors ............................................................................................................................... 13
3.1. Revenue and Government Subsidies of FuelCell Energy and Plug Power Inc. ................... 13
3.2. Manufacturing locations, Raw material, Assembly process, and Costs ............................... 15
4. Works Cited .............................................................................................................................. 17
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Executive Summary
Bloom Energy Inc. was founded in 2001 by KR Sridhar, the current CEO and a NASA scientist. Its headquarters are in Sunnyvale, California. Bloom’s Energy Server, which is supported by the patented solid oxide fuel cell technology, is a new class of distributed power generator, producing clean, reliable, and affordable electricity at customer site, and is deployed by giant companies across a broad range of industries. (Bloomenergy, 2014)
This Paper consists of three parts. The first part describes the past five-year revenues and operating income data, and it also includes the products of the company, compared to those of its competitors, FuelCell Energy and Plug Power.
The Second Part details the Business model of Bloom Energy, which includes competitive cost structure, target market, SWOT analysis and business strategy, and the impact of subsidies on the company.
The third part is the analysis of its two competitors, FuelCell Energy and Plug Power Inc. Here I describe their revenues, government supports, costs, manufacturing locations, materials and assembly processes.
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1. Background on Bloom Energy
1.1. Operating results
According to the data provided by PrivCo, the company generated $102,700,000,
$205,000,000, $380,000,000, and $600,000,000 in revenues for the years 2010 to 2013
respectively, as shown in Table 1. (PrivCo, 2014)
Table 1. Revenue of Bloom Energy From 2010 to 2013
Year 2013 2012 2011 2010
Revenues ("Sales / Turnover")
$600,000,000 $380,000,000 $205,000,000 $102,700,000
Total Employees 1,000 650 500 240
Productivity (Revenue/Employee)
$600,000 $584,615 $410,000 $427,917
According to its investor letter, Bloom Energy had a net loss of $113 million for Q3, 2012.
The company generated $101 million in revenue during Q3, which is deducted by the pro-
forma cost of goods of $106 million, operating costs of $26 million, and a net cash loss of
$80 million. In September, the company had $873 million in negative retained earnings.
(Wesoff, 2012)
According to the documents obtained by Fortune, in 2013 Bloom Energy posted a negative
$61 million of pro forma operating income and a negative $1.03 billion in retained earnings
for Q1. In May, the company raised more than $1.1 billion in venture capital and expected to
return to positive profit margin in Q2 and to become profitable in the second half of 2013.
1.2. Products offered, mix, pricing, and comparison to competitors’ offerings
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Bloom Energy’s main product is a patented solid-oxide fuel cell technology-based Bloom
Energy Server, a new class of distributed generator, which produce clean, reliable, and
affordable electricity at consumer site. Each Bloom Energy Server provides 200kw of power
to meet the needs of 160 average homes and office buildings. (Bloomenergy, 2014)
The solid oxide fuel cell is the heart of the company and it has solved engineering problems
the SOFCs technology faced in history with low cost ceramic materials, and extremely high
electrical efficiencies. With that, SOFCs can deliver attractive economics instead of relying
on CHP. (Bloomenergy, 2014)
Most of the Corporate’s sales come from giant companies in a wide rage of industries, and its
box retail averages between $700,000 to $800,000 for each.
Bloom Energy provides two purchase options for its customers. One is capital purchase,
which refers to purchase and install the Bloom Energy Server at customers’ facilities. The
other one is Bloom Electrons, the service that allows customers to only pay for the electricity
that is produced without upfront capital or ownership of the equipment. (Bloomenergy, 2014)
The company also operates lease available through Bank of America Merrill Lunch and other
similar banks. The lease allows companies to conserve capital expenditure with fixed
payments lasting for ten years. (Walton, 2014)
Fuelcell Energy is also a fuel cell company that designs, manufactures, installs, operates and
serves stationary fuel cell power plants based on the technology of Combined Heat and
Power (CHP).
The main product of the company is a complete product line of Direct FuelCell products with
the application of CHP. The product line including the service is shown in Table 2 (FuelCell
Energy, 2014)
Table 2. Products & Service of Fuel Cell Energy
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Products Functions & Features
1.4 MW DFC1500 Electrical efficiency of 47% Up to 90% total thermal efficiency when configured for CHP
2.8 MW DFC3000
Largest of the DFC power plant fleet
300 kW DFC300
47% electrical efficiency, 24 hours a day, 7 days a week
Offers CHP for use in industrial processes
Multi-MW DFC-ERG
Combines a Direct Fuel Cell power plant with a gas expansion turbine
Electrical efficiency >60% Virtually zero smog emissions and quiet operation.
Besides the above product line, Fuel Cell Energy also offers customers a broad range of
services that can be matched to the specific needs of the facility and the service agreement is
up to 20 years in duration. (FuelCell Energy, 2014)
Plug Power is another competitor of Bloom Energy in the fuel cell industry. It is the leader in
hydrogen fuel cell solutions for material handling sites. It provides two products. One is
GenDrive, and the other is GenKey shown in Table 3. (FuelCell Energy, 2014)
Table 3. Products of Plug Power
Products Functions & Features
GenDrive 1. Provide Hydrogen fuel cell solutions for material handling sites
2. Designed to fit into the existing battery compartment of all major OEM material handling equipment.
3. Allows electric lift trucks to run at maximum performance with increased productivity and reduced operational costs
GenKey 1. The GenKey package handles the power, fueling, service integration, and deployment including:
a. GenDrive or Relion hydrogen fuel cell units
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b. GenFuel hydrogen infrastructure
c. GenCare customer service contracts 2. GenCare leverages advanced monitoring and system controls that lead to
system improvements and maximum fleet performance, ensuring 99.8% uptime.
2. Business Model for Bloom Energy
2.1. Target cost structure
According to the Pacific Northwest National Laboratory, the cost of a mass manufactured
solid oxide fuel cell power system with a 270kW output is competitive with a cost between
$0.06/kWh and $0.08/kWh, based on a model of standard approach to generating 10,000
units of fuel cells per year with a supposed improved stack lifetime of 15 years, which is
currently only 2 years. Figure 1 shows the lifetime and units difference effects on the cost of
electricity or the cost of replacement, which is part of the total cost. (US Department of
Energy, 2013)
Figure 1. Stack Replacement Costs as a Function of Time between Replacements and
Annual Production Quantity
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Through the sputtering approach, they reduced the material cost and stack costs by 30%, and
increased the power density by 50%. However, because fuel cost still dominated the main
cost, the electricity cost was only reduced by $0.002/kWh.
2.2. Target Markets
Except for Softbank in Japan, all of Bloom Energy’s current clients are American companies,
most based in California. The company serves a broad range of industry segments including
the retail and logistics, technology, Banking, Real Estate, and financing services,
manufacturing, food and beverage, data center, biotechnology and healthcare, government
and military, utilities, nonprofits and universities, and entertainment. Some of its best-known
customers with headquarters in California include Google, Yahoo!, Adobe, eBay, Honda,
Altera, Caltech, DreamWorks, Kaiser Permanente, and Life Technologies. It also serves
many California branches of FedEx, Staples, Walmart, AT&T, Bank of America, the Coca
Cola Company, Hines, and JMB Realty Corporation. The Sunnyvale-based company also
provides distributed generators in other states, such as Urban Outfitters in Philadelphia,
Macy’s in Connecticut, and Delmarva Power in Delaware. (Bloomenergy, 2014)
2.3. Effects of a decrease or elimination of government subsidies
The reduction or elimination of government subsidies of the alternative energy will be bad
news for companies in the alternative energy industry. The loss of subsidies will reduce
consumer demand for its products and decrease the profits of the alternative energy
companies, including Bloom Energy. (FuelCell Energy, 2013)
Manufacturing costs for alternative energy sources, which include fuel cells, solar, wind, and
etc. are higher than that of the grid. Their current existence and growth rely heavily on
government support as well as economic incentives, such as renewable portfolio standard
programs. They cannot remain competitive without subsidies and other incentive programs.
(FuelCell Energy, 2013)
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According to Hoover, when the Bloom Box was launched in 2010, the federal government
provided a 30% tax credit to customers. The California state government also gave
companies an additional subsidy of $2500/kW, or about 20% of the cost of a Bloom Box,
making it very attractive to California-based technology companies. (Hoover, 2013)
In 2010, Bloom Energy and customers received $218.5 million of subsidies by carrying out
the Self-Generation Incentive Program. The combined value of all state and federal subsidies
is $8.25/W. (Wesoff, Bloom Energy Plays the Subsidy Game Like a Pro, 2011)
The federal government’s Department of Energy has supported fuel cell research and
development for decades through the Fuel Cell Technologies Program, which not only
accelerate the development of products but also successfully market the fuel cell products.
The U.S. Department of Transportation also supports the industry through fuel cell bus
research and it has helped deploy fuel cell buses in cities across the country. U.S. Department
of Defense was once a supporter of the fuel cell industry when it launched the Climate
Change Fuel Cell Program and deployed 21 units in 12 military bases. (Fuel Cell 2000, 2014)
Fuel cells can provide major environmental and economic benefits. Government is the
strongest source of support for the new energy companies. Without the subsidies, Bloom
Energy cannot compete with the traditional grid and can easily lose its market share.
2.4. SWOT, long-term business plan and strategic outlook, including scale objective
2.4.1. Strength
Compared to the traditional grid, the patented solid oxide fuel cell (SOFC) has the
technological advantage. It has higher efficiency, which can reduce the material costs to
produce the same amount of electricity. Compared with average coal-fired plant, which only
converts 33% of the energy input into electricity, the solid oxide fuel cell can convert 60%.
The SOFCs is also more environmental friendly because it relies on an electrochemical
reaction instead of combustion, resulting in lower CO2 emissions. The Bloom Energy Server
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provides 100% carbon neutral power generation, and at the same time eliminates smog-
forming particulates and has no harmful NOx and SOx emissions. It also saves water:
compared with the average U.S. coal plant, which uses 1.1 million gallons per 200kW
annually, the Bloom Energy Server uses only 240 gallons at start up. (Bloomenergy, 2014)
What’s more, the Bloom Energy Server is also better suited to urban environments. Its units
occupy little more than a parking space, compared to the large areas needed to build coal-
fired, wind or solar energy plants. (Bloomenergy, 2014)
The Bloom Energy Server is a distributed generator at the consumers’ sites, which allows
consumers to take more control of electricity compared to grid, which is centrally controlled,
Meanwhile, the server helps reduce the cost by eliminating the need for transmission and
distribution infrastructure. (Bloomenergy, 2014)
Compared with other alternative energies, such as solar and wind, the fuel cells are more
reliable and can work for 24 hours each independent of geography and climate.
2.4.2. Weakness
The weakness of the fuel cells is the high cost. Without government support, it cannot
compete with the traditional grid. With so much money spent on research and development,
according to Greentech MEDIA, there are currently no pure-play fuel cell companies turning
a profit. As we can see, the operating incomes were negative for Bloom Energy in 2012 and
2013. (Walton, Facing Questions, Fuel Cell Maker Bloom Energy Sets Sights on Big
Power Users, 2014)
From the technology improvement side, the SOFCs that Bloom Energy used have improved a
lot, but challenges remain. The improved SOFC materials properties and microstructures will
allow low temperature operation and improved thermodynamic efficiencies, longer service
lifetime, and cheaper balance plant costs. Though several approaches are pursued to solve
problems, it is not sure which is ultimately practical. (Westin Arlington Gateway Hotel, 2013)
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The other challenge SOFCs face is the energy policy in the United States. The development
of SOFCs has suffered the inconsistent support from the government. For instance, SOFCs
are excluded from President Obama’s “All-of-the-Above” Energy Policy. (Westin Arlington
Gateway Hotel, 2013)
2.4.3. Opportunity
The inconsistent service from the grid can leave customers vulnerable to damages from
brownouts, surges, and unexpected service interruptions. Power outages caused by extreme
weather and an aging, overextended electric grid cost the U.S economy $150 billion per year.
To avoid the damage, companies often purchase generators and other backups for emergency
use, which sit idle 99% of the time. The SOFCs give total control to customers without
dependence on the grid electricity, thus reducing their risk.
Many industries, like the data centers and hospitals and medical centers, rely on constant
electricity, because even a minute electricity interruption will become an exceptionally costly.
Those industries will keep their doors open to Bloom Energy. (altenergymag,com, 2014)
Consideration of economy is another opportunity for SOFCs. The grid electricity prices are
volatile and have increased in places such as California, where they have increased by 6%
over the past four decades. No one knows for sure what the prices from the grid will be, but
according to the prediction of expertise, they will keep going up over the next decade due to
rising fuel costs, the need to overhaul the grid infrastructure, etc. (Bloomenergy, 2014)
Good partnership also gave an opportunity for Bloom Energy. Most recently, the company
partnered with Exelon, one of the largest utilities in the U.S. It provided equity financing for
21 MW of the company’s projects at 75 commercial facilities. (Walton, Facing Questions,
Fuel Cell Maker Bloom Energy Sets Sights on Big Power Users, 2014)
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As the technology of SOFC improves and costs decline, the demand for reliable and
environmental-friendly energy will surge. It is projected that the market for stationary fuel
cells will increase from the $1.2 billion in 2013 to $14.3 billion in 2020. (Newswire, 2014)
2.4.4. Threat
One threat to the solid oxide fuel cell company is from the elimination of government
subsidies. The other threat comes from more advanced technology. For example, a startup
company named Redox Power Systems said that a new solid-oxide fuel cell could be more
efficient and the price can be only 10% of the Bloom Energy Server, operating at a lower
temperature and higher energy density. The startup company has raised $5 million capital to
found its business and has finished the prototype this December and will start the mass
production by the end of this year. (Treacy, 2013)
Threats also come from giant company General Electric (GE) when it entered into the fuel
cell market to compete with Bloom Energy this July. GE announced that it was
commercializing its solid oxide fuel cell technology for megawatt-scale stationary power
applications, and Bloom Energy is also working on the SOFC technology at this scale. The
new entrance of the giant company into the same industry is a big threat to Bloom Energy.
(Wesoff, GE Threatens to Enter Fuel Cell Market, Compete With Bloom, 2014)
2.4.5. Business Strategy
The strategy of Bloom Energy is to keep its current customers, to provide more service to
industries with constant energy needs, such as data centers, hospitals, medical laboratories,
government organizations, utilities and banking systems. This year, Morgan Stanley installed
a 250 kW fuel cell, and the Department of Defense installed a 1.6 MW fuel cell, both made
by Bloom Energy. Verizon, already Bloom Energy’s customer, also added more fuel cells in
its facilities to 9.6 MW. (The MarketWatch, 2014)
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Its domestic strategy also includes partnering with Exelon, a leading competitive retail
supplier of energy products and services for more than two thirds of the Fortune 100. For the
first step, Exelon will finance Bloom Energy projects through Bloom Electrons, which
doesn’t ask customers to pay upfront or purchase the equipment but only buy the electricity
as a service. The equity financing from Exelon is for 21 MW projects at 75 commercial
facilities in California, Connecticut, New Jersey and New York. (The MarketWatch, 2014)
Meanwhile, the company adopted an international strategy to cooperate with Japanese
partners. In 2013, Bloom Energy and Softbank in Japan announced their formation of a joint
venture. As the Japanese energy market strives to transition from nuclear energy to more safe
and reliable sources, Bloom Energy’s technology satisfied the oversea demand successfully.
(Bloomenergy, 2013)
2.5. Planned Capacity
According to the development of the company, it seems that it will continue to focus on large
capacity, distributed generation for industrial customers.
3. Competitors
3.1. Revenue and Government Subsidies of FuelCell Energy and Plug Power Inc.
FuelCell Energy is a leader of distributed generation generating ultra-clean, reliable power at
more than 50 locations around the world. Company revenue comes from product sales,
service agreement and license revenues, and advanced technology contracts. Table 4 shows
the revenue for the past five years. The largest revenue sector is product sales, and in 2013, it
is $145.071 million, which consists over 77% of the total avenue.
Table 4. The Revenue by Sector from 2009 to 2013 (in thousands)
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2013 2012 2011 2010 2009
Revenue
Product sales $145,071 $94,950 $103,007 $50,192 $66,178
Service agreements and license revenues 28,141 18,183 12,097 9,034 7,626
Advanced technology contracts 14,446 7,470 7,466 10,551 14,212
Total revenues 187,658 120,603 122,570 69,777 88,016
As a global leader in designing, manufacturing, operating and serving the clean, reliable
electricity, FuelCell was as awarded by Germany's Federal Ministry for Economic Affairs
and Energy with €5 million to support a three-year research and development project.
Plug Power manufactures fuel cells to replace conventional batteries of material handling
equipment, mainly the forklift trucks, and provide the hydrogen infrastructure, the refueling
structure, and the guarantee that the fuel cell performs at maximum efficiency. The revenues
from 2008 to 2012 are shown in table 5. The annual sale is improving with a little decrease in
2012 compared to 2011, and the largest revenue sector comes from product and service
revenue, which accounts for over 93% in 2012 and around 84% in 2011. (Plug Power Inc.,
2013)
Table 5. Revenue Sector from 2008 to 2012 (in thousand)
Year Ended December 31.
2012 2011 2010 2009 2008
Product and Service Revenue $ 24,407 $23,223 $15,739 $4,833 $4,667
Research and Development
contract revenue
1,701 3,886 3,598 7,460 13,234
Licensed technology revenue - 517 136 - -
Total Revenue 26,108 27,626 19,473 12,293 17,901
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Plug power also gains benefits from the Japanese Prime Minister’s subsidies for fuel cell
vehicles. The indirect subsidies from Japan lead Plug Power’s stock price increased 10% in
July 2014. (Seeking Alpha, 2014)
3.2. Manufacturing locations, Raw material, Assembly process, and Costs
Fuelcell Energy has three manufacturing locations with two of them located in Ottobrunn,
Germany and Danbury, Connecticut expired and the third one located in Torrington,
Connecticut, to be closed in December 2015. Other locations are shown in Table 6. (FuelCell
Energy, 2013)
Table 6. Locations
Location Business Use Square
Footage
Lease Expiration
Banbury, Connecticut Corporate Headquaters, Research
and Development, Sales,
Marketing, Purchasing and
Administration
72,000 Company owned
Torrington, Connecticut Manufacturing and
Administrative
65,000 December 2015
Danbury, Connecticut Manufacturing and Operations 38,000 October 2014
Ottobrunn, Germany Manufacturing and
Administrative
20,000 June 2014
Dresden, Germany Central European Office, Sales,
Marketing, Purchasing and
Administration
420 February 2015
Calgary, Canada Research and Development 32,220 January 2017
Littleton, Colorado Research and Development 18,464 August 2018
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FuelCell Energy uses various raw material and components to build the fuel cell module and
the company sources the raw material from various vendors. Except the fuel cells which are
manufactured by the company itself in the Torrington facility, all other electrical and
mechanical BOP are assembled by its suppliers. To ensure the quality of the products from
its suppliers, the company has a qualification process for each supplier and the company
guarantees the quality by continually evaluating its new suppliers. (FuelCell Energy, 2013)
Expenses consist of costs of product sales, cost of service agreements, and cost of advanced
technology contracts. The costs for each sector from 2009 to 2013 are shown in the table 7.
The cost of the product sales includes the design, engineer, manufacture and shipping costs.
The cost of service agreement includes the costs of maintenance and stack replacement cost
for customers with service agreements. (FuelCell Energy, 2013)
Table 7. Cost from 2009 to 2013 (In Thousands $)
2013 2012 2011 2010 2009
Cost and Expenses
Cost of product sales $ 136,989 $93,876 $96,525 $54,433 $84,714
Cost of service agreement and
license revenue
29,683 19,045 30,825 23,617 22,319
Cost of advanced technology
contracts
13,864 7,237 7,830 10,370 10,994
Total cost of revenues 180,536 120,158 135,180 88,430 118,027
Plug Power’s manufacturing facility, and where its GenDrive products are assembled, is
located in Latham, New York. Currently, several critical components used in the company’s
products are from sole-sourced third-party vendors in U.S., Canada, and China. (Plug Power
Inc., 2013)
The costs for the company consist of four parts as shown in table 8. The cost of product and
service revenue is the largest cost in the company, followed by the selling and general
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administration cost, and the other two research and development expenses and the cost of
research and development contract revenues. (Plug Power Inc., 2013)
Table 8. Costs from 2008 to 2012
Year Ended December 31.
2012 2011 2010 2009 2008
Cost of product and
service revenues
$37,658 $30,670 $23,111 $7,246 $11,442
Cost of research and
development contract
revenues
2,805 6,232 6,371 12,433 21,505
Research and
development expenses
14,577 14,546 25,572 15,427 28,333
Selling, general and
administrative expenses
- - - - 45,843
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Works Cited
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14. Newswire, P. (2014). Stationary Fuel Cells: Market Shares, Strategies, and Forecasts, Worldwide, 2014-2020. Retrieved from http://www.bizjournals.com/prnewswire/press_releases/2014/03/05/BR77180
15. Plug Power Inc. (2013). Plug Power Inc. Annual Report. Retrieved from http://quote.morningstar.com/stock-filing/Annual-Report/2011/12/31/t.aspx?t=XNAS:PLUG&ft=10-K&d=5d4bbe7ce36574f1424a7a1135330851
16. PrivCo. (2014). Bloom Energy Corporation. Retrieved from http://www.privco.com.lp.hscl.ufl.edu/private-company/bloom-energy-corporation
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17. Seeking Alpha. (2014). Plug Power Adds to Gains as Japan Reveals Fuel Cell Vehicle Subsidies. Retrieved from http://seekingalpha.com/news/1852985-plug-power-adds-to-gains-as-japan-reveals-fuel-cell-vehicle-subsidies
18. The MarketWatch. (2014). Exelon and Bloom Energy Partner to Provide Clean Distributed Power to Commercial Customers. Retrieved from http://www.marketwatch.com/story/exelon-and-bloom-energy-partner-to-provide-clean-distributed-power-to-commercial-customers-2014-07-29
19. Treacy, M. (2013). New Fuel Cell Technology Could Cost One-tenth the Price of Bloom. Retrieved from http://www.treehugger.com/clean-technology/new-fuel-cell-technology-could-cost-one-tenth-price-bloom.html
20. US Department of Energy. (2013). Cost Study for Manufacturing of Solid Oxide Fuel Cell Power Systems . Retrieved from file:///Users/a/Desktop/PNNL-22732.pdf
21. Walton, R. (2014). Facing Questions, Fuel Cell Maker Bloom Energy Sets Sights on Big Power Users. Retrieved from http://www.utilitydive.com/news/facing-questions-fuel-cell-maker-bloom-energy-sets-sights-on-big-power-use/302423/
22. Wesoff, E. ( 2012). Bloom Energy Fuel Cell Financials Finally Revealed. Retrieved from http://www.greentechmedia.com/articles/read/bloom-energy-fuel-cell-financials-revealed
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24. Wesoff, E. (2014). GE Threatens to Enter Fuel Cell Market, Compete With Bloom. Retrieved from http://www.greentechmedia.com/articles/read/ge-threatens-to-enter-fuel-cell-market-compete-with-bloom
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