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Shares of Bloom Energy (BE) rose 9.0% on Tuesday, November 3, 2026, while the S&P 500 gained 0.4%. The advance came one day after California Resources Corporation announced on November 2 that it had agreed with Bloom to study fuel cell power paired with carbon capture in California. Plug Power and FuelCell Energy, two of Bloom’s peers, also posted sharp gains during the session. What exactly did Bloom agree to in California?
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What Did Bloom Energy Agree To In California?
California Resources Corporation said on November 2 that the two companies signed a memorandum of understanding to study a project together. Under the agreement, they will jointly evaluate the potential development of 1 gigawatt or more of solid-oxide fuel cell power generation paired with carbon capture and storage in California. News reports on November 3 linked the stock’s rise to this agreement and to an upgrade of the shares by Barclays.
Bloom had already pointed to carbon capture as a market. On its October 22, 2026 call, management said AEP plans to use 700 MW of Bloom Energy servers fitted for carbon capture in one project. Management called carbon capture a potential trillion-dollar market opportunity for Bloom.
Did Bloom Energy Rise Alone?
The stock did not rise alone. All but one of the 17 other companies worth $2 billion or more in Bloom’s industry group, electrical components and equipment, advanced during the same session. Six of those companies gained 5% or more, and the industrials sector fund XLI rose 0.9%. Bloom’s own peer list, a separate set of companies, recorded a split performance: Plug Power and FuelCell Energy rose 7.6% and 6.8%, while Cummins, Air Products and Chemicals and Linde were flat or lower.
Bloom moved with its industry group, but its gain was more than twice the industry’s median gain of 4.1%.
Where Bloom Energy Stock Stands Now
Moves of this magnitude are not rare for Bloom. The stock recorded 22 rises at least this large over the prior 365 days. Its latest move of this size went the other way, taking the form of an 11.2% fall on October 23, 2026.
Over the past year, Bloom stock returned 61.9%, compared with 11.9% for the S&P 500. The shares closed at $214.01 on November 3, remaining well below the 52-week closing high of $345.85 set on June 22, 2026. The price also sat far above the 52-week closing low of $76.97 from December 17, 2025. Over the month leading up to November 3, the stock lost 25.3%, while the S&P 500 fell 2.6%.
Investors pay a high price for Bloom’s sales. The stock trades at 16.5 times its sales over the past twelve months, compared with 3.2 times for the S&P 500.
Bloom is expected to report its fiscal fourth-quarter 2026 results in February 2027. Full-year revenue, which management guided to $4.4 billion to $4.6 billion on its October 22 call, is the figure to watch.
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