Bloom Energy : November 2025 Investor Presentation

Investor Presentation

November 2025

Bloom's Mission

2

To Make Clean, Reliable Energy Affordable for Everyone in the World

Leadership Team & Board of Directors

KR Sridhar, PhD

Founder, Chairman & CEO

Shawn Soderberg

Chief Legal Officer &

Aman Joshi

Chief Commercial Officer

Ravi Prasher, PhD

Chief Technology Officer

Satish Chitoori

Chief Operations Officer

Maciej Kurzymski

Interim Principal Financial Officer

KR Sridhar, PhD

Founder, Chairman & CEO

The Honorable Mary K. Bush

Former IMF Representative & Board Director of T. Rowe Price

Jeff Immelt

Lead Director & Former CEO of GE

Gary Pinkus

Former Chairman of North America, McKinsey & Company

John Chambers

Former CEO of Cisco

Jim Snabe

Chairman of Siemens AG

Corporate Secretary

Natalie Sunderland

Chief Marketing Officer

Aaron Hoover

Head of Business and Corporate

Development

Sonja Wilkerson

Chief People Officer

Cynthia Warner

Board of Directors Chevron & Sempra

Eddy Verzigon

Former Managing Director Morgan Stanley

Barbara Burger, PhD

Former President of Chevron Technology Ventures

Michael J. Boskin

Former Member of President's Council of Economic Advisers & Chair Professor at Stanford

"Can-Do" Servant Leaders

Experienced, Complementary & Engaged

3

~1.5 GW

Deployed2

>$26B

Market capitalization1

Bloom Energy at a Glance

Data Centers

Largest market segment, Fastest growing

Singa pore

>500

Patents3

~1,200

Sites3

>$1.2B

Cumulative R&D4

Global Headcount3: ~2,200 FTE Global Footprint3: >1,300,000 Sq Ft.

1. As of market close October 29, 2025.

2. As of the quarter ended September 30, 2025. This reflects 1.5 gigawatts of low-carbon power deployed across ~1,200 sites worldwide.

   
   
   

3. As of the quarter ended September 30, 2025. 4

4. As of the quarter ended September 30, 2025. This reflects the cumulative non-GAAP R&D spend since company inception.

What We Do

We produce onsite power by converting natural gas to electricity, without combustion.

Bloom Energy Proprietary & Confidential 2025 5

Natural Gas

Diverse Customer Footprint. Growing Concentration in AI Ecosystem.

Data Center Customers include1:

Partner with AI Infrastructure

$5B partnership

Commercial & Industrial Customers include1:

Partner with Electricity Providers

1GW framework agreement

Geographies Deployed include1:

South Korea

Taiwan

Japan

India UK

Italy

1. As of the quarter ended September 30, 2025. 6

Grid Power Cannot Support Massive Demand for Electricity

Oct/2025

Meta kicked things off, conveying its expectation of "notably" larger 2026 capex dollar growth, citing infrastructure and power capacity as a primary driver. Microsoft followed, with its expectation for its FY26 growth rate to be higher than FY25. Google rounded out the hyperscaler commentary increasing its FY25 capex expectation by ~$7B…

Oct/2025

"We need to add 100 GW of new firm capacity in the next five years."

- Chris Wright, Energy Secretary

...we are still in the very early innings of the AI/data center infrastructure build out both on the IT hardware and related power infrastructure side.

Aug/2025

Oct/2025

Powell says that, unlike the dotcom

boom, AI spending isn't a bubble.

Big Tech, power grids take action to reign in surging demand

Power plant developers and network operators are scrambling to keep up with the demands of new

data centers that need electricity day and night"

7

Drivers for Commercial Acceleration

A secular shift in power demand - led by AI - has created extremely favorable market conditions.

BEFORE

AFTER

Power demand is flat

Paris Accord + Scope I/II/III

Renewables are "in" Fossil Fuels are "out"

Explosive power demand Power not available Policy incentives

Renewables can't provide

dispatchable power

8

Recognized Need for Onsite Power

Q: What percent of data center sites will have 100% onsite power generation in

2030?

Survey of U.S. data center decision-makers

April 2024

April 2025

1%

27%

Includes: Hyperscalers Colocation providers Utilities

Source: Double-blind survey of data center decision makers (n=30 in April 2024, n=100 in April 2025). 9

How Fuel Cell Technology Provides Electric Power at Scale

Outputs

NATURAL GAS

Alternative fuels: Hydrogen

Biogas

Anode

Electrolyte

Cathode

AMBIENT AIR

How it Works

Solid-oxide fuel cells convert fuel into electricity without combustion.

How it Scales

Modular building blocks come together to meet small or large-scale power needs

Fuel Cell

Power Module

Energy

Server®

System

Power Stamp

Power Block

3.25 MW + MWs

~65 kW ~65 kW 325 kW

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