Bloom Energy Announces Project Funding Partnership with Industry Leaders HPS Investment Partners and Industrial Development Funding

• Long-Term Partnership will Enable Funding of Large Projects and Allow Customers to Pay for Electricity Use with Zero Upfront Payment
• Over $125 million committed to fund 19 MW of Energy Server Deployments in First Tranche

Bloom Energy (NYSE: BE), the world leader in stationary fuel cell power generation, announced today that it has formed a project financing partnership with certain funds managed by HPS Investment Partners (HPS) and Industrial Development Funding (IDF), two leading global providers of infrastructure capital. As part of the agreement, HPS and IDF will acquire 19 MW of Bloom’s Energy Servers, including several advanced on-site microgrid solutions. The approximately $125 million in funding will support the installation of Bloom equipment contracted under PPA structures, which can deliver clean, on-site and highly reliable power to commercial and industrial customers at zero upfront cost.

Bloom’s growth has accelerated alongside increasing demand for reliable and rapidly deployable energy solutions needed to support data centers, new manufacturing plants and other industrial facilities. The partnership with HPS and IDF provides Bloom with new sources of debt and equity capital to create special purpose project companies that can sell electricity to customers. For HPS and IDF, the partnership expands opportunities to invest in the energy transition underway around the world, one that demands new technologies that can meet the needs for time-to-power and non-combustion sources of reliable power supply.

“Bloom Energy is excited to launch this long-term partnership with HPS and IDF, two experienced and innovative companies when it comes to funding the rapidly changing energy transition,” said Aman Joshi, Bloom Energy’s Chief Commercial Officer. “With growing demand for shorter contract lengths and larger-scale projects, this partnership enhances Bloom’s ability to provide financed solutions that address customers’ power supply and reliability needs without impacting their capital budgets.”

“Bloom’s technology provides a proven solution to the challenges customers are facing with the U.S. grid today and offers a unique opportunity to invest in this fast-growing market,” said Michael Dorenfeld, Managing Director for HPS Investment Partners. “We’re pleased to be partnering with IDF and Bloom on this portfolio, and to mark the beginnings of a successful long-term partnership.”

“With the rapid growth of the global demand for electric power, this is an ideal time for us to partner with Bloom Energy,” said Nik Nunes, CEO of Industrial Development Funding. “We view this portfolio as the first step in a larger project funding relationship.”

About HPS Investment Partners

HPS Investment Partners, LLC is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share a common thread of intellectual rigor and discipline that enables us to create value for our clients, who have entrusted us with approximately $148 billion of assets under management as of September 2024. For more information, please visit www.hpspartners.com.

About Industrial Development Funding

Industrial Development Funding, LLC (“IDF”) is an investment advisor registered with SEC that manages capital for Qualified Institutional Buyers. IDF’s proprietary funding solutions enable large industrial companies to sell existing products or introduce new products to the marketplace. IDF provides bespoke capital solutions to companies across the digital infrastructure, power and transportation sectors. Website: www.indevfunding.com

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

Forward Looking Statements

This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans, or intentions. These forward-looking statements include, but are not limited to, HPS and IDF’s acquisition of Bloom Energy Servers, funding of installation of Bloom equipment, new sources of capital, and Bloom’s ability to provide financed solutions without impacting capital budgets. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, risks and uncertainties detailed in Bloom’s SEC filings. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 15, 2024, its Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024 ,filed with the SEC on May 9, 2024, August 8, 2024, and November 7, 2024, respectively, as well as subsequent reports filed with or furnished to the SEC. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements.

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