Barclays Upgrades Bloom Energy After California Power Pact

Barclays upgraded Bloom Energy as the fuel-cell maker and two California partners evaluate potential development of at least one gigawatt, a target that is not committed generating capacity.

Bloom Energy, California Resources Corporation and its carbon-management business, Carbon TerraVault, signed a nonbinding memorandum of understanding Nov. 2. The agreement to evaluate potential development of at least one gigawatt covers possible grid-connected and on-site projects in Central and Northern California.

Moving from evaluation to construction would depend on project contracts, company investment approvals, EPA Class VI permits and any additional regulatory clearances.