We believe that Bloom Energy, once touted as the prospective “holy grail” of clean energy, is instead likely to wind up in the history books alongside failed companies like Theranos or Solyndra. Contrary to myths about Bloom, our research indicates that Bloom’s technology is not sustainable, clean, green, or remotely profitable. We uncovered an estimated $2.2 billion in undisclosed servicing liabilities that the market has missed, even in its most recent re-valuation of Bloom shares. These issues have already begun to surface and we expect they will accelerate. Bloom’s tricky accounting allows it to mask servicing costs and shift write-downs to other periods, thereby avoiding recognizing major recent additional losses. We believe that large debt maturities in 2020 and 2021, amounting to nearly $520 million, make Bloom Energy an obvious bankruptcy candidate.

This morning, Bloom Energy issued a press release responding to some of the issues that we raised yesterday in our report “Bloom Energy: A ‘Clean’ Energy Darling Wilting To Its Demise”. We appreciate the company’s response, but find that its press release does nothing to refute the findings of our research or our conclusion that the company could be a bankruptcy candidate as its debt approaches maturity. In fact, we believe that as readers carefully compare Bloom’s responses to our research, it becomes clear that the company instead largely confirmed our concerns.