Bloom Energy Corp

Description of Bloom Energy

Bloom Energy is the world leader in stationary fuel cell power generation by market share. The company provides innovative distributed energy technology solutions to customers at an important moment in the world’s energy transition. We manufacture one of the most advanced and versatile fuel cell energy platforms, supporting the commercial availability of two products: the Bloom Energy Server® for generating electricity and the Bloom Electrolyzer™ for producing hydrogen. With approximately 1.4 gigawatts (“GW”) of Energy Server systems deployed in more than 1,000 locations and 9 countries, our fuel cell platform empowers businesses, essential services, critical infrastructure, utilities, and communities with resilient, reliable, and sustainable energy solutions. Our employees are driven by our mission: to make clean, reliable energy affordable for everyone in the world.

Key Macro Trends

In 2024, our power-generation business capitalized on the following key trends:

•Demand for Power is Increasing, Driven by Data Centers and Artificial Intelligence

•Time to Power is Growing in Importance as Demand Outstrips Supply

•Co-locating Large Loads with Distributed Generation Configured as Islanded Microgrids are Gaining in Traction as Energy Solutions to Bypass Long Interconnection Queues and Transmission Upgrades

•Utilities are Turning to Distributed Energy Solutions to Decrease their Customers’ Time to Power

•Fuel Flexible Solutions Address Reliability Concerns as well as Near- and Long-term Sustainability Considerations

Demand for Power is Increasing, Driven by Data Centers and Artificial Intelligence. According to North American Electric Reliability Corporation’s (“NERC”) 2024 Long Term Reliability Assessment (“LTRA”), peak power demand is expected to grow by 151 GW (17%) over the next 10 years, and these peak demand and energy forecasts are at their highest levels in decades, reversing an almost two-decade trend of falling or flat rate trajectories. This spike in demand is driven by several factors, including electricity use by data centers, reflecting the large power consumption requirements of artificial intelligence (“AI”), cloud computing, and crypto-mining operations; the re-shoring of manufacturing in the U.S. in key sectors such as semiconductors, fueled in part by the CHIPS and Science Act; electric vehicle growth; and electrification of household goods and appliances. The power needs of data centers are expected to continue to grow significantly over the course of the decade as a result of these factors.

Time to Power is Growing in Importance as Demand Outstrips Supply. As demand for power grows, utility companies are struggling to keep pace. A Lawrence Berkeley National Laboratory report in 2024 found that there is nearly 2,600 GW of new electric capacity in existing interconnection queues. Even if the Federal Energy Regulatory Commission’s (“FERC”) recent interconnection reforms shorten the backlog for studies and interconnection agreements, the time to complete significant transmission and distribution system upgrades that are necessary to ensure grid reliability and deliverability remain bottlenecks to entry. Independent estimates indicate that to meet growing electricity demands, there may need to be a 60 percent increase in transmission capacity by 2030. Yet only 55 miles of new transmission lines were built in 2023 and 125 miles added from January to May 2024. We believe behind-the-meter, on-site distributed power generation is critical to provide power quickly to customers.

Co-locating Large Loads with Distributed Generation Configured as Islanded Microgrids are Gaining in Traction as Energy Solutions to Bypass Long Interconnection Queues and Transmission Upgrades. Our islanded microgrid solutions allow data center and other customers the ability to skip the interconnection queue and start construction as transmission and distribution grid upgrades are not needed. Our Be Flexible™ load following capability allows us to serve customers with variable loads without the need to export excess power to the grid. We believe avoiding these lengthy interconnection queues is key to unlocking time to power for our customers. Our distributed generation solutions, deployable today, can serve as an energy transmission asset, helping utility companies continue to serve their customers, avoid or delay certain costs to build new transmission and distribution infrastructure, and better allocate the costs of supplying energy to their largest power users rather than ratepayers generally. Utility companies also can use our energy solutions to provide islanded power to a specific customer for a specific tolling rate that avoids burdening its other ratepayers.

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Utilities are Turning to Distributed Energy Solutions to Decrease their Customers’ Time to Power. Our utility customers are recognizing the challenge of keeping pace with the growing demand for power. Aging infrastructure, coupled with transmission and distribution bottlenecks, are making it more difficult for utilities to integrate additional sources of energy to add capacity. Building new transmission and distribution infrastructure is expensive, takes many years, and would likely cause utility rates to increase. As demand for power continues to grow, and time to power becomes increasingly important, utilities are exploring alternative means of producing and supplying energy to their end customers, including our Energy Server systems. We entered into multiple agreements with utilities in 2024. We expect more utility customers in the future to supplement their power generation with the Bloom Energy Server system either as a front of the meter solution for their entire rate base or as an onsite power solution for a specific customer. As we reduce our product costs, and with utility rates expected to increase, we expect our energy solutions to become more cost competitive in more countries, communities and industries around the world.

Fuel Flexible Solutions Address Reliability Concerns as well as Near- and Long-term Sustainability Considerations. Both the current lack of transmission buildout necessary to meet the influx of intermittent renewables and ongoing grid reliability impacts from extreme weather events have placed further strain on aging utility grids, leading to periods of power outages for those reliant on the grid. Recognizing the threat of climate change, companies and governments have set ambitious emissions goals to reduce the release of carbon dioxide to the atmosphere. However, projected large increases in demand for power and limited new transmission infrastructure are challenging prevailing carbon reduction trajectories. These constraints have created demand for reliable off-grid power. Data centers, critical facilities and many industrial customers are excited to learn that our Energy Server systems have up to “five nines” (99.999%) availability using a microgrid solution. This level of availability is necessary for supporting large, critical customers and key infrastructure by ensuring consistent energy supply even in demanding applications like AI. The Energy Server systems also can displace dirtier and less efficient conventional combustion solutions like turbines and engines. Deeper decarbonization potential on our Energy Server systems is enabled through fuel flexibility (as in addition to natural gas, our non-combustion power solutions are designed to run on biofuels or hydrogen), combined heat and power (“CHP”) offerings and carbon capture utilization and storage (“CCUS”) capability. In addition, our non-combustion systems emit near-zero criteria pollutants, and use no water during steady state operation.

Our Markets

The market conditions for our platform are promising. Customers are demanding lower carbon and resilient energy today with the flexibility to move to net-zero solutions. Our platform is designed to meet these demands and solve these challenges. Global electricity systems are now facing a range of significant challenges, including threats from extreme weather events, aging transmission and distribution systems, a wave of retiring generation assets, difficult integration of intermittent renewables, and load growth that is far outpacing the installation of new resources.

The value propositions for our fuel cell solutions are compelling. Built on the same solid oxide platform, we develop the Energy Server system and the Bloom Electrolyzer with predominantly the same supply chain, manufacturing, and engineering expertise. These solutions share reliability, cost-down and efficiency advantages. We have driven down our costs through our relentless commitment to innovation and discipline. By delivering either molecules of fuel or electrons, we can serve two different markets with one platform. We have made significant progress developing our flexible platform to be utilized in a variety of new applications. Today, Bloom’s energy transition technology is helping organizations and communities achieve their energy objectives.

To date, nearly all of our product revenue has been attributable to sales of our power generating Energy Server system. In 2024, we increased our Energy Server system sales to utility companies seeking alternative sources of power to meet the increasing power demand coming from their customers. Operating in an islanded microgrid mode, we can be onsite and operating in months, while other power providers are quoting deliveries in years. With our Bloom Energy Server system, we are also partnering with developers for significant opportunities in waste-to-energy. In some instances, we are providing power solutions to enable lower carbon intensity renewable fuels, and in other cases, we are providing solutions to use biogas for resilient power across dairies, landfills, and wastewater treatment facilities.

The U.S. is currently our largest market in terms of revenue and installed base of the Energy Server system. Our major customers include companies in industries such as utilities, data centers, agriculture, retail, hospitals, higher education, biotech, and manufacturing. Many of our customers are looking to solve time-to-power issues where they cannot get energy fast enough from the grid or current energy providers to meet their commercial objectives. Our utility customers are using our Energy Server system as an alternative source of on-site power that they can supply to their end customers, including AI data centers. Moreover, our resilient technology provides secure power to critical facilities, including data centers, hospitals and high-tech

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manufacturing, while also serving to reduce greenhouse gas (“GHG”) emissions. We also work with several global financing and distribution partners who purchase and deploy our systems at end-customers’ facilities to provide “electricity-as-a-service.”

Our second-largest market in terms of revenue and installed base of the Energy Server systems is South Korea. We began commercial operation in South Korea in 2018 and have grown our footprint to nearly 600 megawatts of deployed Energy Server equipment across South Korea. SK ecoplant Co., Ltd. (“SK ecoplant”) and SK eternix Co., Ltd. (“SK eternix”) serve as distributors of our systems in the Republic of Korea. The volatility of the Korean Won, as experienced in the past several months, may impact our commercial efforts in the region.

The Bloom Electrolyzer leverages 20+ years of expertise we have accumulated from building, installing and operating fuel cell systems. The electrolyzer produces hydrogen, which has opened new markets, partnerships, and geographies for the company. At its high efficiency, the Bloom Electrolyzer uses less electricity to produce hydrogen than other electrolyzers on the market today, potentially lowering the overall cost of producing hydrogen, a critical factor in accelerating the transition to hydrogen as a fuel. In 2023, the Idaho National Laboratory (“INL”) concluded it was the most efficient electrolyzer that they had tested.

Products & Services

Solid Oxide Platform

Our solid oxide fuel cell (“SOFC”) technology platform is the foundation for our Energy Server system and Bloom Electrolyzer. Our modular and configurable solid oxide platform is capable of providing a variety of sustainable energy solutions — from zero carbon electricity to clean hydrogen. We continue to evolve and expand our offerings as we pursue our mission to make clean, reliable energy affordable for all. Our solid oxide platform has four core attributes that span our portfolio:

•Shared Solid Oxide Technology. Our products leverage the same proprietary fuel cell technology, including cell printing, stack and column configurations that drive high efficiency energy production across products and applications.

•Common Product Architecture. The same enclosures and skid mounted installation methods are common across our products and the modular, fault tolerant design enables resilient operation and service capability.

•Shared Supply Chain and Manufacturing Process. Our core technology components and supplier network are shared across products. The same manufacturing lines, personnel and processes are leveraged at our Fremont, California cell print factory and Delaware assembly facility which enables manufacturing stability and expandability. Remote monitoring, repair and overhaul (“R&O”) operations are also combined to support consistent and data driven end of life recovery.

•Flexible Offerings. Our products allow for a variety of deployment configurations and applications to serve our customers’ operational and sustainability goals.

The Bloom Energy Server System

Our power generation platform, the Bloom Energy Server system, is designed to deliver reliable, resilient, clean and affordable energy for utilities and organizations alike. Suitable to operate parallel with the grid, independent of the grid, or as part of a larger microgrid ecosystem, the Bloom Energy Server system is based on our proprietary solid oxide technology that converts fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels, into electricity through an electrochemical process without combustion. The electrical output of our Energy Server system is designed to be connected to the customer’s main electrical feed, thereby avoiding the transmission and distribution losses associated with a centralized grid system. The modular nature of our solution enables any number of Energy Server systems to be clustered together in various configurations, providing solutions from hundreds of kilowatts to hundreds of megawatts. The Energy Server system is designed to be easily integrated into community environments due to its aesthetically attractive design, compact space requirement, minimal noise profile, low water consumption, and near-zero criteria air pollutant emissions.

The platform’s fuel flexibility combined with a skid mounted and modular package means that the Bloom Energy Server system is well situated to serve as a rapidly deployable electricity transition technology and solution today, without creating a stranded asset in the future. It performs at significantly higher efficiency than traditional, combustion-based resources. When operating on natural gas, the Energy Server system reduces carbon dioxide and air pollutants by using a non-combustion process — and applications such as CCUS or CHP further reduce these emissions.

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Our Energy Server system is designed to deliver reliable electricity. Our microgrids continue to deliver power to our customers even when the grid is not available. Our system is capable of operating at a 99%+ availability due to its modular and fault-tolerant design, which includes multiple independent power generation modules that can be concurrently replaced during maintenance to provide uninterrupted service. Our Energy Server system also has proven resilient when faced with weather events, cybersecurity attacks, and other grid outages, providing reliable power while the grid has grappled with the proliferation of intermittent wind and solar generation. Our systems can be deployed and installed far quicker than building new transmission lines or adding other forms of large-scale power generation. This value proposition is particularly meaningful for manufacturers, data centers, hospitals, and retailers with strong markets and aggressive growth plans amid a constrained grid.

The Bloom Energy Server system is often configured as primary power, where the system operates in parallel to the grid and provides additional base load power for customers at potentially lower prices than the grid, or as microgrids, where the system operates in islanded or grid-connected configurations that offer superior power quality with minimal downtime. Our systems can be deployed mounted on skids for easy installation and movement, providing site flexibility and cost savings. Where land is expensive or in low supply, these skids can be stacked to provide additional power density that can exceed the power density of traditional power plants.

The Energy Server system can be utilized in the following applications bringing additional value to the energy market:

•CCUS. Our Energy Server system, when combined with third-party carbon capture technology, can provide near zero-carbon electricity. During normal operations using natural gas or biogas-fuel sources, the Energy Server system vents CO2 into the atmosphere as a byproduct. When used in conjunction with carbon capture equipment, the Energy Server is configured to output CO2 for consolidation, compression, and processing for sequestration or utilization in other consumer or industrial applications. The compression and processing of the anode exhaust can be performed by industrial gas companies that specialize in carbon capture technology and techniques. Bloom’s anode exhaust, once dried, has 95% purity of CO2. This produces a relatively pure stream of CO2, making it comparatively simple and inexpensive to capture. Carbon capture from the Energy Server system operating on natural gas or biogas can improve the project economics and help with a customer's decarbonization goals.

•CHP. High-temperature cathode exhaust from the Energy Server system can be channeled, allowing the resulting exhaust heat to be fed to one or more heat recovery devices, such as a heat exchanger or an absorption chiller to support both heating applications as well as air conditioning, refrigeration, and/or process fluid cooling for use in commercial buildings or other industrial plants. The increased overall system efficiency provided by CHP produces both financial savings in fuel charges and additional sustainability benefits. In 2024, we improved our CHP offering increasing the combined efficiency of our technology to 85% with a goal of reaching, through continuous improvement, a 90% efficiency threshold.

•Waste to Energy. Bloom Energy’s SOFCs provide an electrochemical pathway to convert biogas to electricity without combustion, producing carbon-neutral electricity with near-zero air pollution and water usage. The Energy Server system can utilize proven, off-the-shelf gas conditioning equipment to process raw biogas into suitable fuel for power generation. Using biogas feedstocks with our Energy Server system can provide industry leading carbon intensity scores and other decarbonization benefits.

Value Proposition

•Scalable, Modular, Fault Tolerant Designs. The modular nature of the Energy Server system design allows for design flexibility, producing operational and serviceability advantages over other technologies. Our systems have design flexibility to support power needs from kW to hundreds of MWs, and include a wide range of reliability and output guarantees. The system is capable of operating at very high availability as independent power generation modules can be easily replaced to provide uninterrupted service and our redundant architecture reduces single points of failure. As a result, unlike traditional combustion generation, our Energy Server system can be serviced and maintained without powering down the system. Modularity also provides for ease of scalability as customers grow their power needs over time. Our Energy Server system is often configured as a microgrid solution without any dependency on transmission or distribution lines. These microgrids can be configured to support all or a portion of a customer’s load and are often installed alongside batteries to increase flexibility and reliability.

•Resilient. Our Energy Server system avoids the vulnerabilities of conventional transmission and distribution lines by generating power on-site. Importantly, Bloom Energy Server systems that utilize existing natural gas infrastructure rely on a redundant underground mesh network, intended to provide extremely high fuel availability that helps to mitigate some exposure to certain natural disasters, extreme weather events, and other environmental conditions that often disrupt the power grid.

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•Reliable Generation for Mission Critical Facilities. The modular design of the Energy Server system can be configured into large scale Energy Server farms. Using a customized approach for each customer, these farms can be configured to have minimal redundancy to produce reliable power output that can meet or exceed grid reliability depending on the needs of the customer. Our Energy Server systems are designed to deliver 24x7 power with very high availability, mission-critical reliability and grid-independent capabilities. Our Energy Server system exhibits high levels of mean time between failure and with concurrent maintenance has low mean time to repair which yields a 99.9% availability. Adding redundancy results in a higher availability of 99.999% availability, which is suited to meet the most critical load requirements on the market.

•Flexible Deployment Configurations. The Energy Server system can operate independently as a distributed energy resource, or in combination with other energy resources like the grid, renewables, and generators. The Be Flexible™ platform and system enhancements support ramping and load following capability without compromising service life. The operational flexibility of the Energy Server system allows it to handle many types of customer loads, including the peak loads associated with AI data centers.

•Future Proof for the Energy Transition. Our Energy Server systems can convert hydrogen into electricity, but it is optimized based on fuels that are readily available like natural gas and biogas. If and when hydrogen becomes more readily and economically available, the Energy Server system use hydrogen as a feedstock-helping to prevent the system from becoming a stranded asset. Combined with CCUS capability, Bloom offers its customers sustainability benefits today with multiple pathways to long-term decarbonization.

Competition

In addition to centralized utility grids, and other utility and non-utility owned generation sources, we primarily compete against:

•Gas reciprocating engines. Reciprocating internal combustion engines that are powered by natural gas to generate electricity directly onsite, often for backup power, load balancing, or CHP applications. The Bloom Energy Server system has a higher power density, lower emissions, higher reliability, and better flexibility to adapt to load fluctuations.

•Small gas turbines. Turbines operate on carbon-based fuels including diesel and natural gas and typically require greater redundancy than the Energy Server system to achieve a similar level of availability for large data center customers. The Bloom Energy Server system has lower emissions and higher reliability.

•Combined cycle plants. Combined cycle plants use gas and steam turbines together to produce more electricity from the same fuel than a traditional simple-cycle plant. Waste heat from the gas turbine is routed to the nearby steam turbine to generate extra power. The Bloom Energy Server system can achieve similar efficiencies as combined cycle plants with the distribution losses due to onsite deployment.

We believe our Energy Server systems compete favorably against these products, with our systems capability to adapt to variable oscillating workloads. Furthermore, due to its relative ease in permitting and installation compared to the above mentioned products, the Energy Server can be deployed rapidly, giving us a competitive advantage when customers have an urgent need for power. The Energy Server system has a negligible impact on air quality, no noise pollution, and the ability to produce more megawatt hours per acre. The Energy Server system's modular design provides superior reliability compared to these products as the system can be serviced with no downtime. Finally, the Energy Server system has a high efficiency that allows for a low operating cost and emissions profile.

Other sources of competition — and the attributes that differentiate us — include:

•Intermittent solar power paired with storage. Solar power is intermittent and better suited for addressing daytime peak power requirements, while our Energy Server system is designed to provide stable high availability generation. Energy storage technology is intended to address the intermittency of solar power. However, the low power density of the combined technologies and the challenges of extended poor weather events that sharply decrease solar power production and battery recharging make the solution impractical for most commercial and industrial customers looking for on-site solutions to offset a significant amount of power. As a point of comparison, to provide the same energy output as our Energy Server systems, a photovoltaic solar installation typically requires 125 times more space. This allows us to serve a bigger portion of a customer’s energy requirements on-site based on their available and typically limited space.

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•Intermittent wind power paired with storage. Power from wind turbines is intermittent, similar to solar power. Typically, wind power is deployed for utility-side, grid-scale applications in remote locations but not as a customer-side, distributed power alternative due to prohibitive space requirements and permitting issues. Wind turbines also can be co-located with storage, with similar benefits and challenges to solar-and-storage combinations. Remote wind farms feeding into the grid do not help end customers avoid the vulnerabilities and costs of the transmission and distribution system.

•Traditional co-generation systems. These systems deliver a combination of electric power and heat from combustion sources. We believe we compete favorably because of our non-combustion platform, superior electrical efficiencies, significantly less complex deployment (avoiding heating systems integration and requiring less space), superior availability, aesthetic appeal, and reliability. Unlike these systems, which depend on the full and concurrent utilization of waste heat to achieve high efficiencies, we can provide highly efficient systems to customers based solely on their power needs.

•Traditional backup equipment. As our Energy Server systems deliver reliable power, particularly in grid-independent configurations where our Energy Server system can operate during grid outages, they can prevent the need for traditional backup equipment, such as diesel generators. By providing a solution that is designed to deliver a combustion-free power 24x7 rather than just as a backup source of power, we can generally offer a better integrated, more reliable, cleaner, and more cost-effective solution than these grid-plus-backup systems.

•Other commercially available fuel cells. Our Energy Server systems use advanced SOFC technology, which produces electricity directly from oxidizing fuel. The advantages of our technology include higher efficiency, long-term stability, elimination of the need for an external fuel reformer, ability to use biogas, natural gas, or hydrogen as a fuel, low emissions, and relatively low cost. There are a variety of fuel cell technologies, characterized by their electrolyte material, including:

◦Proton exchange membrane fuel cells (“PEM”). PEM fuel cells are typically used in onboard mobility applications, such as powering forklifts, because of their compactness and ability for quick starts and stops. However, PEM technology requires an expensive platinum catalyst, which is susceptible to poisoning by trace amounts of impurities in the fuel or exhaust products. These fuel cells require high-cost fuel input energy sources or an external fuel reformer, which adds to the product’s cost, complexity, and electrical inefficiency. As a result, they are not typically an economically viable option for stationary power generation.

◦Molten carbonate fuel cells (“MCFC”). MCFCs are high-temperature fuel cells that use an electrolyte composed of a molten carbonate salt mixture suspended in a porous, chemically inert ceramic matrix of beta-alumina solid electrolyte. The primary disadvantages of current MCFC technology are durability and lower electrical efficiency compared to solid oxide fuel cells. Current versions of the product are built for 300 kilowatt systems and are monolithic rather than modular. Smaller sizes are typically not economically viable. In many applications where the heat produced by these fuel cells is not commercially or internally useable continuously, mitigating the heat buildup also becomes a liability.

◦Phosphoric acid fuel cells (“PAFC”). PAFCs use liquid phosphoric acid as an electrolyte. Developed in the mid-1960s and field-tested since the 1970s, they were the first fuel cells to be commercialized. PAFCs have been used for stationary power generators with output in the 100 kilowatts to 400 kilowatts range. PAFCs are better suited for combined heat and power output applications that require carefully matching and constant monitoring of power and heat requirements (heat is typically not required all year long thus significant efficiency is lost), often making the technology difficult to implement. Further, disadvantages include low power density and poor system output stability.

Bloom Electrolyzer

The Bloom Electrolyzer is designed to produce scalable and cost-effective hydrogen using the same solid oxide platform as our Energy Server system. The Bloom Electrolyzer supplants the conventional way of making hydrogen. Our electrolyzer efficiently uses electricity to split water into hydrogen and oxygen. The Bloom Electrolyzer can be paired with a variety of clean energy inputs, including renewable or nuclear feedstocks, and can be sited flexibly—delivering hydrogen to a variety of end users such as industrial, transportation and power sector applications. Our solid oxide, higher-temperature Electrolyzer is designed to produce hydrogen onsite more efficiently than lower-temperature PEM and alkaline electrolyzers. Because it operates at higher temperatures, the Bloom Electrolyzer requires less electric energy to break up water molecules and produce hydrogen.

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Value Proposition

•Higher Efficiency. Fuel (steam) supplied to the Bloom Electrolyzer undergoes an electrochemical reaction at 700-900 degrees Celsius which is higher than other currently available technologies. This leads to a fundamental efficiency advantage to produce hydrogen by consuming less electricity. As electricity accounts for most of the cost of producing hydrogen from electrolysis, using less electricity improves the economics of producing hydrogen and aids adoption.

•Proven with Decades of Experience. Although the Bloom Electrolyzer is a new product that opens up a new market for us, our Energy Server system and Bloom Electrolyzer share the same solid oxide platform, so our commercial field experience in power generation directly transfers to our hydrogen production and products. We build upon the same core platform, supply chain, manufacturing process, and advanced remote software monitoring across all our products and applications. Our experience working closely with developer partners, in addition to our role as an original equipment manufacturer (“OEM”), enables us to successfully engage with customers and ecosystem partners.

Electrolyzer Competition

Given that the clean hydrogen industry is at an early stage of development, no single technology has gained a leadership position. The Bloom Electrolyzer is differentiated from Alkaline, PEM, and Anion Exchange Membrane (“AEM”) electrolysis which are low temperature technologies using liquid water. With high temperature electrolysis, water needs to be heated, vaporized, and brought to operating temperature. The thermal energy requirements are reduced by using steam at or near operating temperature as the input to the Electrolyzer. Integrating a solid oxide electrolyzer cell with other energy feedstocks with available waste heat to provide thermal energy, like nuclear or concentrated solar, provides additional efficiency gains.

Research and Development

Our research and development efforts have addressed complex applied materials, processing and packaging challenges by inventing many proprietary advanced material science solutions. Over more than a decade, Bloom has sought to build a world-class team of solid oxide fuel cell scientists and technology experts. Our team comprises technologists with degrees in Materials Science, Electrical Engineering, Chemical Engineering, Mechanical Engineering, Civil Engineering and Nuclear Engineering, and includes 59 PhDs within these or related fields. This team has continued to develop innovative technological improvements for our Energy Server system. Since our first-generation technology, we have reduced the costs, increased the output of our systems, and increased the life of our fuel cells by over two and half times.

We have invested and plan to continue to invest a significant amount in research and development. See our discussion of research and development expenses in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K for further information.

Intellectual Property

Intellectual property is an essential differentiator for our business, and we seek to protect our intellectual property through a combination of patents, copyrights, trade secrets, trademarks, employee and third-party non-disclosure agreements, and other contractual restrictions.

We protect our trade secrets and confidentiality know-how by enforcing our internal policies for data classification, authentication and protection and by requiring and enforcing non-disclosure and other agreements. We also utilize cybersecurity tools and systems, as well as physical security measures to safeguard our most valuable data from insider threats and third party efforts to misappropriate our intellectual property. See Part I, Item 1C, Cybersecurity of this Annual Report on Form 10-K for further information.

We have developed a significant patent portfolio to protect elements of our proprietary technology. As of December 31, 2024, we had 358 active patents and 148 patent applications pending in the U.S., and we had an international patent portfolio comprising 177 active patents (counting patents by where enforceable) and 430 patent applications pending. Our U.S. patents are expected to expire between 2025 and 2044. While patents are an essential element of our intellectual property strategy, our business is not dependent on any one patent or pending patent application.

We regularly review our development efforts to assess the existence and patentability of new intellectual property. We pursue the registration of our domain names, trademarks, and service marks in the U.S. and some international locations. “Bloom Energy” and the “BE” logos are our registered trademarks in certain countries for use with the Energy Server system

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and our other products. We also hold registered trademarks for, among others, “Bloom Box,” “BloomConnect,” “BloomEnergy,” and “Energy Server” in various countries. Bloom has several trademark applications pending, including applications directed to new product categories, expanded use applications, and applications on several logos used by the Company.

When appropriate, we enforce our intellectual property rights against other parties. For more information about risks related to our intellectual property, please see the risk factors set forth under the caption Part I, Item 1A, Risk Factors — Risks Related to Our Intellectual Property.

Manufacturing Facilities

Our primary manufacturing facilities are in Fremont, California, and Newark, Delaware. We own our 178,000 square-foot manufacturing facility in Newark, which was our first purpose-built Bloom Energy manufacturing center and was designed specifically for copy-exact duplication as we expand, which we believe will help us scale more efficiently. Our Newark facility includes an additional 25 acres available for factory expansion and/or the co-location of supplier plants.

In September 2023, as part of the approved restructuring plan (the “Restructuring Plan”), we initiated a closure of a 50,000 square-foot manufacturing, warehousing, research and development (“R&D”) facility in Sunnyvale, California, which lease expired in December 2023. Under the Restructuring Plan, we consolidated this Sunnyvale facility with our manufacturing facility in Fremont, California, and performed an optimization of our manufacturing workforce. The restructuring activities were completed in the first quarter of fiscal year 2024. For more information about the restructuring, please see Part II, Item 8, Note 12 —Restructuring.

We lease various manufacturing facilities in California and Delaware. We lease an 89,000 square-foot R&D and manufacturing facility in Fremont, California, which became operational in April 2021. Additionally, in Fremont, California, in June 2022, we opened a new research and technical center and a global hydrogen development facility with a total space of 73,000 square feet, and, since July 2022, we leased a 164,000 square-foot manufacturing facility that expires in February 2036. The lease terms of our Repair & Overhaul (“R&O”) manufacturing facilities in Newark, Delaware, with a total area of 56,000 square feet expire in December 2026 and April 2027.

On December 31, 2024, the lease of our 60,000 square-foot manufacturing, warehousing, and R&D facility in Sunnyvale, California, ended. We plan to vacate this facility in the first quarter of fiscal year 2025 and consolidate these operations with our manufacturing facility in Fremont, California.

We maintain a light-assembly facility in the Republic of Korea, in connection with our efforts to develop a local supplier ecosystem through a joint venture with SK ecoplant.

Please see Part I, Item 2, Properties for additional information regarding our facilities.

Supply Chain

Our supply chain has been developed since our founding, with a group of high-quality suppliers that support automotive, semiconductors and other traditional manufacturing organizations. The production of fuel cells requires rare earth elements, specialty alloys and industrial commodities. Our operations require raw materials, and in certain cases, third-party services that require special manufacturing processes. We generally have multiple sources of supply for our raw materials and services except in cases where we have specialized technology and material property requirements. Our supply base is spread around many geographies in Asia, Europe and India, consisting of suppliers with multiple areas of expertise in compaction, sintering, brazing and dealing with specialty material manufacturing techniques. Where possible, we responsibly source components like interconnects and balance of system components from various manufacturers on both a contracted and a purchase order basis. We have multi-year supply agreements with some of our supply partners for supply continuity and pricing stability. We are working with our suppliers and partners along all steps of the value chain to reduce costs by improving manufacturing technologies and expanding economies of scale.

There have been a number of disruptions throughout the global supply chain; demand for certain components has outpaced the return of the global supply chain to full production. Though the supply constraints for a majority of our raw materials and components are expected to ease in 2025, we have experienced an increase in lead times with respect to the delivery of some of our components due to a variety of factors, including supply shortages, shipping delays and labor shortages. Additional new trade tariffs or other trade protection measures that are being considered by the new U.S. administration could have a disruptive impact on our supply chain. While our supply chain does not have significant exposure to China, significant

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tariffs on imports from other countries where we do source materials could materially impact our costs. For example, we expect the 25% tariffs imposed on U.S. imports of steel and aluminum to adversely impact our cost of raw materials for our products. Though we experienced delays from certain vendors and suppliers as a result of these factors, we have been able to mitigate the impact so that we did not experience significant delays in the manufacturing of our platforms. For additional information on our supply chain, please see Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview — Certain Factors Affecting our Performance.

Services

We execute operations and maintenance agreements (“O&M Agreements”) for our projects. The customer agrees to pay an ongoing service fee, and in return, we monitor, maintain, and operate the Bloom systems on the customer’s or owner’s behalf. We currently service and maintain every Energy Server system installed worldwide.

As of December 31, 2024, our in-house service organization had 182 dedicated field service personnel distributed across multiple locations in both the U.S. and internationally. Our standard O&M Agreements include full remote monitoring and 24x7 operational capability over the systems as well as scheduled and unscheduled maintenance, which in practice includes preventative maintenance, such as filter and adsorbents replacements and on-site part and periodic fuel cell replacements.

Our two Remote Monitoring and Control Centers (“RMCC”) are responsible for providing 24x7 coverage of every installation worldwide. By situating our RMCC centers in the U.S. and India, we are able to provide coverage cost effectively and also provide a dual redundant system with either site designed to operate continuously should an issue arise. Each Energy Server system we ship includes instrumentation and a secure telemetry connection that enables RMCC to monitor over 500 system performance parameters in real time. This comprehensive monitoring capability enables the RMCC operators to have a detailed understanding of the internal operation of our products. Using proprietary, internally developed software, the RMCC operators can detect changes and override the onboard automated control systems to remotely adjust parameters to maintain optimum system performance. In addition, we undertake advanced predictive analytics to identify potential issues before they arise and undertake adjustments prior to a failure occurring.

Our services organization also has a dedicated R&O facility, which is currently based in Delaware. The facility undertakes full refurbishment of returned products with the capability to restore them to service with a less than three-week turnaround.

Purchase and Financing Options

Both in the U.S. and internationally, we sell our products directly to customers. To appeal to a wide range of customers, we offer several financing options. In the U.S., we also provide access to our Energy Server system through a Power Purchase Agreement, which is the purchase of electricity generated by the Energy Server system in exchange for a scheduled dollars per kilowatt hour rate, through a Capacity Agreement where the customer pays a capacity-based flat payment, through a Lease Agreement where the customer pays a monthly fixed fee for the use of the equipment, and through a Managed Services Agreement, whereby we sell and lease-back the Energy Server system to supply energy services to our customers. Each of the foregoing are made possible through third-party financing arrangements by assembling such contracts into portfolios which are sold to investors.

Often, our offerings are designed to take advantage of local incentives. In the U.S., our financing arrangements are structured to optimize both federal and local incentives, including tax credits made available through the Inflation Reduction Act of 2022 (the “IRA”) and accelerated depreciation. As of December 31, 2024, the investment tax credit and accelerated depreciation previously available for our U.S. offerings expired, which will affect purchasing offerings. Internationally, our sales are made primarily direct to customers as a direct product sale.

For additional information about our different financing options, please see Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Purchase and Financing Options.

Sales, Marketing and Partnerships

We sell our products through a combination of direct and indirect sales channels. At present, most of our U.S. sales are through our direct sales force, which is segmented by vertical and type of account. We are expanding our relationship with utilities and other commercial customers across the U.S., and our utility relationships have become important partners in our sales activities. We have developed a network of strategic advisors that create new opportunities and referrals to Bloom Energy, which has been a valuable source of high-quality leads.

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We pursue relationships with other companies in areas where collaboration can produce product advancement and acceleration of entry into new geographic and vertical markets. The objectives and goals of these relationships can include one or more of the following: technology exchange, joint sales and marketing, installation, customer financing or service.

As we have cultivated sales as well as strategic and financing partners over the past several years, our sales have been concentrated among a few large customers and distributors each year. During the year ended December 31, 2024, revenue from three customers, the first of which is our related party (see Part II, Item 8, Note 11 —Related Party Transactions), accounted for approximately 23%, 16% and 14% of our total revenue, respectively. Please see Part II, Item 8, Note 1 —Nature of Business, Liquidity and Basis of Presentation — Concentration of Risk — Customer Risk.

SK ecoplant in the Republic of Korea is a strategic power generation and distribution partner. In October 2021, we announced an expansion of our existing partnership with SK ecoplant, that includes purchase commitments for at least 500 megawatts of our Energy Server systems between 2022 and 2024, the creation of hydrogen innovation centers in the U.S. and the Republic of Korea to advance green hydrogen commercialization, and an equity investment in Bloom Energy. In September 2023, SK ecoplant became a related party to us with the beneficial ownership of 10.5% of our outstanding Class A common stock. In December 2023, we further expanded our business partnership with SK ecoplant through the increase of SK ecoplant’s purchase commitments for Bloom Energy products of 250 megawatts through 2027 and extended the timing of delivery of the remaining commitment under the original agreement. For additional information, please see Part II, Item 8, Note 17 —SK ecoplant Strategic Investment.

Sustainability

We are driven by the promise of our contribution to the transformation and decarbonization of energy and mobility sectors globally. We are working to make our technology available across a growing list of applications including biogas, carbon capture, hydrogen, combined heat and power, and microgrid projects critical to aligning with a 1.5 degree warming trajectory. Our natural gas-based Energy Server systems are also an important source of near-term emission reductions, and we are committed to evolving the gas sector through our technological development and leading market-based activity.

As a manufacturer, our commitment to sustainability is reflected not only through the impacts of our products in operation but also through our internal commitment to resource efficiency, responsible design, materials management and recycling. We endeavor to consistently increase our supply chain responsibility and approach to human capital management in ways that help us to continue to deliver products that add long-term societal value.

We take a cradle-to-grave perspective on product design and use. We strive to reuse components and recoverable materials where feasible and use conflict-free, non-toxic new resources where needed. We design our equipment so that components can be refurbished as needed instead of requiring new equipment. Finally, we seek to cover as many materials and components as practicable during end-of-life management, reusing these materials and components.

Global Climate Issues

Climate change and resulting extreme weather are having significant economic, environmental and social impacts around the world. These effects and anticipated future impacts have resulted in a wide array of market and regulatory responses, and we expect that these types of responses will continue. Our business can be impacted by climate change, and by those market and regulatory responses, in a variety of ways. We closely follow the impacts of climate change on the energy system, as well as the regulatory, policy and voluntary measures taken in response to those impacts, so that we may understand and respond to changing conditions that may affect our Company, our customers, and our investors and business partners. Our sustainability disclosures have been responsive to the recommendations from the Task Force on Climate-related Financial Disclosures (“TCFD”), as well as disclosure guidance from the Sustainability Accounting Standards Board (“SASB”) that is now incorporated into the International Financial Reporting Standards (“IFRS”) Framework with which we intend to align moving forward.

We issued our first Sustainability Report in 2021 and have since issued dedicated sustainability reports annually.

The direct impacts of climate change on energy systems, including the increased risk they pose to energy service disruption, may provide an opportunity for our extremely reliable and resilient energy generation. New or more stringent international accords, national or state legislation, or regulation of GHG emissions may increase demand for our bioenergy and hydrogen-based products, but they may also make it more expensive or impractical to deploy natural gas-fueled Energy Server systems in some markets, notwithstanding their enhanced environmental performance relative to combustion-based technologies or may cause the loss of regulatory or policy incentives for those deployments. Examples include new climate

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emissions restrictions or the introduction of carbon pricing, and the adoption of bans or restrictions on new natural gas interconnections by some local jurisdictions. For more on climate and environmental related risks, see Part I, Item 1A, Risk Factors — Risks Related to Legal Matters and Regulations.

Permits and Approvals

Each Energy Server system and Electrolyzer installation must be designed, constructed and operated in compliance with applicable federal, state, international and local regulations, codes, standards, guidelines, policies and laws. To operate our systems, we, our customers and our partners are each required to obtain applicable permits and approvals for the installation, which may include federal, state, and local authority approvals; interconnection agreements with the local electrical utility; and, where the gas distribution system is used, the gas utility as well.

Government Policies and Incentives

There are varying policy frameworks across the U.S. and internationally designed to support and accelerate the adoption of clean and/or reliable distributed power generation and hydrogen technologies, such as the manufacturing and deployment of our Energy Server systems and our Electrolyzers. These policy initiatives can come in the form of tax incentives, cash grants, performance incentives, environmental attribute credits, permitting regimes, interconnection policies and/or applicable gas or electric tariffs.

The U.S. federal government provides businesses with the Investment Tax Credit (the “ITC”) under Section 48 of the Internal Revenue Code, which has been available to the owners of our Energy Server systems for the tax year in which the systems are placed into service. The ITC for fuel cells operating on non-zero carbon fuels expired at the end of fiscal year 2024. Although the ITC for qualified fuel cell property expired on December 31, 2024, we entered into qualifying transactions that will allow certain of our customers to benefit from the ITC for projects placed into service by December 31, 2028.

The IRA includes numerous investments in climate protection, and, among them, an extension and expansion of the ITC and the Production Tax Credit under Section 45 of the Internal Revenue Code, the addition of expanded tax credits for other technologies and for manufacturing of clean energy equipment, as well as terms allowing parties to more easily monetize the tax credits. The IRA contains a multi-tiered credit-amount structure for many applicable tax credits. Specifically, for projects that qualified before the expiration, many of the credits have a lower base credit amount that can be increased up to five times if the taxpayer can satisfy applicable prevailing wage or apprenticeship requirements. The IRA also creates certain bonus tax credit amounts relevant to projects involving Bloom products that are placed in service, or of which construction began, in 2023 and 2024 and that satisfy domestic content criteria and/or are located within an “energy community.” The IRA also creates tax credits for the production of hydrogen and carbon capture, as well as incentives for clean energy manufacturing. By implementing the IRA, the U.S. federal government aims to make an impact on energy markets so that cleaner options are more affordable to consumers.

Our Energy Server systems are currently installed at customer sites in various states across the U.S., each of which has its own enabling policy framework. Some states have utility procurement programs and/or renewable or alternative portfolio standards for which our technology is eligible. Our Energy Server systems currently qualify for a variety of state benefits and incentives, such as tax exemptions, interconnection benefits, relief from utility charges and other forms of economic and energy benefits.

Some municipal jurisdictions are considering or have recently enacted building codes or local ordinances that limit access to the natural gas pipeline distribution network, primarily in California and the Northeast. Specific policies vary widely as to whether or not they impact our ability to do business in a given jurisdiction and the vast majority apply only to new, rather than existing, buildings. While these jurisdictions comprise a small minority of our current and prospective business footprint, local consideration of such codes and ordinances continues to evolve. Other jurisdictions are considering enacting restrictions on data centers based on their electricity consumption, which is an evolving policy at both state and local levels.

Government Regulations

Our business is subject to a changing patchwork of energy and environmental laws and regulations that prevail at the federal, state, regional and local level as well as in those foreign jurisdictions in which we operate. Most existing energy and environmental laws and regulations preceded the introduction of our innovative fuel cell technology and were adopted to apply to technologies existing at the time, namely large coal, oil or gas-fired power plants, and more recently solar and wind plants.

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Although we generally are not regulated as a utility, existing and future federal, state, international and local government statutes and regulations concerning electricity heavily influence the market for our products and services. These statutes and regulations often relate to electricity pricing, net metering, incentives, taxation, competition with utilities, the interconnection of customer-owned electricity generation, interconnection to the gas distribution system, and other issues relevant to the deployment and operation of our products, as applicable. Federal, state, international and local governments frequently modify these statutes and regulations. Governments, often acting through state utility or public service commissions, change and adopt or approve different requirements for regulated entities and rates for commercial customers on a regular basis. These changes can have a positive or negative impact on our ability to deliver cost savings to customers.

At the federal level, the FERC has authority to regulate, under various federal energy regulatory laws, wholesale sales of electric energy, capacity, and ancillary services, and the delivery of natural gas in interstate commerce. To operate our systems, we obtain interconnection agreements from the applicable local primary electricity and gas utilities. In almost all cases, interconnection agreements are standard form agreements that have been pre-approved by the bodies with jurisdiction over interconnection agreements, including FERC, state utility commissions, and municipal or cooperative utilities. As such, no additional regulatory approvals are typically required for the deployment of our systems once interconnection agreements are signed, although they may be required for the export and subsequent sale of electricity or other regulated products.

Product safety standards for stationary fuel cell generators have been established by the American National Standards Institute (the “ANSI”). These standards are known as ANSI/CSA FC-1. Our products are designed to meet these standards. Further, we utilize Underwriters’ Laboratory, or UL, to certify compliance with these standards. The Energy Server system installation guidance is provided by NFPA 853: Standard for the Installation of Stationary Fuel Cell Power Systems. Installations at sites are carried out to meet the requirements of these standards.

Environmental laws and regulations can give rise to liability for administrative oversight costs, cleanup costs, property damage, bodily injury, fines, and penalties. Capital and operating expenses needed to comply with environmental laws and regulations can be significant, and violations may result in substantial fines and penalties or third-party damages. In addition, maintaining compliance with applicable environmental laws, such as the Resource Conservation and Recovery Act (“RCRA”) and the Clean Air Act (“CAA”), requires significant time and management resources.

Several states and regions in which we currently operate require permits where emissions of air pollutants would exceed applicable thresholds. In most states and regions where this is the case, permits have only been required for larger Energy Server system installations. Other states and regions in which we operate, including New York, New Jersey and North Carolina, have specific air permitting exemptions for fuel cells.

As a publicly traded company in the U.S., we are subject to laws and regulations of the SEC as well as the rules of the New York Stock Exchange, on which our company is listed. As a global enterprise operating in multiple countries, we must abide by laws and regulations applicable to entities across many jurisdictions, including those governing antitrust and competition, cybersecurity, data privacy, artificial intelligence, anti-bribery and anti-competition.

As an employer of full-time and part-time employees, our operations are subject to global labor and employment laws, including wage and hour laws, health and safety laws, such as Occupational Safety and Health Administration (“OSHA”), and immigration laws. In addition, there are diverse global regulations regarding our contractor workforce. These laws and regulations are subject to change at any time and compliance with the requirements can impose significant costs. For more information about the regulations to which we are subject and the related risks to our costs and operations, please see the risk factors set forth under the caption Part I, Item 1A, Risk Factors — Risks Related to Legal Matters and Regulations.

Backlog

The timing of delivery and installation of our products has a significant impact on the timing of the recognition of our product and installation revenues. Many factors can cause a lag between the time a customer signs a contract and our recognition of product revenue. These factors include the number of Energy Server systems installed per site, local permitting and utility requirements, environmental, health and safety requirements, weather, and customer facility construction schedules. Many of these factors are unpredictable and their resolution is often outside of our or our customers’ control. Customers may also ask us to delay installation for reasons unrelated to the foregoing, including operational considerations or delays in their financing arrangements. Further, due to unexpected delays, deployments may require unanticipated expenses to expedite delivery of materials or labor to ensure the installation meets our timing objectives. These unexpected delays and expenses can be exacerbated in periods in which we deliver and install a larger number of smaller projects. In addition, if even relatively short delays occur, there may be a significant shortfall between the revenue we expect to generate in a particular period and the revenue that we are able to recognize. For our installations, revenue and cost of revenue can fluctuate significantly on a periodic

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basis depending on the timing of acceptance and the type of financing used by the customer. Over the past twelve months, in light of time to power needs that we expect to continue in 2025, we have seen an increasing number of transactions move from a booking to revenue in less than twelve months.

Human Capital Management

We are committed to attracting and retaining exceptional talent. Investing in and inspiring our people to do their best work is critical for our success. As of December 31, 2024, we had 2,127 full-time employees worldwide, of which 1,716 were located in the U.S., 362 were located in India, and 49 were located in other countries. During 2024, our workforce decreased by 11% through voluntary and involuntary attrition not being replaced as compared to fiscal year 2023, predominantly because of the tail-end of the restructuring actions we initiated in September 2023 with one of the goals being an optimization of our workforce across multiple functions.

In order to attract and retain our employees, we strive to maintain an inclusive, diverse and safe workplace, with opportunities for our employees to grow and develop in their careers. This is supported by strong compensation, benefits, and health and wellness programs. We are mission driven and hire and develop talent with a passion toward achieving our mission. We believe that, together, we can create a brighter, more sustainable future while tackling the most pressing challenges of the 21st century.

Culture of Innovation & Inclusion

Our cultural foundation is that of innovation, results, respect, and desire to do the right thing. One of our greatest strengths is a talented and diverse employee population. We believe this leads to better decision making and best positions us to meet the needs of our customers, stockholders, and the communities in which we live and work.

Our goal is to attract and retain the most qualified talent based on our technology, and a strong employer brand in the energy industry, while providing competitive compensation and benefits. We actively source candidates from various networks globally through job postings, networking, employee referrals and job fairs. We foster an inclusive, respectful work culture, and provide career development and growth opportunities that help in retaining talent. In the past year, we have invested in development opportunities for employees including a diverse set of learning offerings designed to enhance our leadership and talent capabilities.

Compensation and Benefits

Our talent strategy is integral to our business success, and we design competitive and innovative compensation and benefits programs to help meet the needs of our employees. In addition to salaries, these programs (which vary by country/region) include annual bonuses, stock awards, an employee stock purchase plan, a 401(k) plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, parental leave, flexible work schedules, an extensive mental health program and fitness center. In fiscal year 2024, we also announced matching employee contributions to our 401(k) Plan, which triggered an increase in participation in our 401(k) plan from 41% to 57%, mostly from our hourly employees. In addition to our broad-based equity award programs, we have used targeted equity-based grants to facilitate retention of critical talent with specialized skills and experience. In December 2024, Bloom granted all worldwide employees below Director-level and including hourly manufacturing employees with one year or more tenure (excluding China) a special recognition grant in Restricted Stock Units, which are designed to make all of them shareholders of the company in 2025, subject to the vesting conditions of the awards.

Seasonal Trends and Economic Incentives

Our business and results of financial operations are subject to industry-specific seasonal fluctuations with the majority of bookings completed in the second half of a fiscal year. The desirability of our solution can be impacted by the availability and value of various governmental, regulatory and tax-based incentives which may change over time.

Corporate Facilities

Our corporate headquarters and principal executive offices are located at 4353 North First Street, San Jose, CA 95134, and our telephone number is (408) 543-1500. Our headquarters is used for administration, research and development, and sales and marketing and also houses one of our RMCC facilities.

Please see Part I, Item 2, Properties for additional information regarding our facilities.

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Available Information

Our website address is www.bloomenergy.com and our investor relations website address is https://investor.bloomenergy.com. Websites are provided throughout this document for convenience only. The information contained on the referenced websites does not constitute a part of, and is not incorporated by reference into, this Annual Report on Form 10-K. Through a link on our website, we make available the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the SEC: our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as well as proxy statements and certain filings relating to beneficial ownership of our securities. The SEC also maintains a website at www.sec.gov that contains all reports that we file or furnish with the SEC electronically. All such filings, including those on our website, are available free of charge.