Bloom Energy initiated with a Buy at BTIG

BTIG initiated coverage of Bloom Energy with a Buy rating and $21 price target. The firm says hydrogen adoption “is still in its infancy” with estimated 2023 total global hydrogen production at 110mt, “which really isn’t even worth mentioning as part of the global energy mix.” The analyst continues to believe hydrogen adoption will gain momentum and play a role in the energy transition. BTIG says Bloom Energy has become a leader in solid oxide fuel cells which are better suited to energy storage than PEM fuel cells which are less dense and better suited for transportation applications. The other thing to like about Bloom is that while green hydrogen is the future, most Bloom fuel cells in operation are running on methane, allowing the company to make money today while renewable power capacity catches up and hydrogen adoption accelerates, the analyst tells investors in a research note.