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Court documents reveal that Bloom self-identified as a “large quantity generator of hazardous waste,” to the EPA.Its emissions are comparable to those of modern natural gas power plants. The company’s “clean” narrative is absurd: our research shows that Bloom Energy servers emit significantly more CO2 than the electric grid in key states where it operates.We believe that large debt maturities in 20, amounting to nearly $520 million, make Bloom Energy an obvious bankruptcy candidate.Bloom’s tricky accounting allows it to mask servicing costs and shift write-downs to other periods, thereby avoiding recognizing major recent additional losses.These issues have already begun to surface and we expect they will accelerate. We uncovered an estimated $2.2 billion in undisclosed servicing liabilities that the market has missed, even in its most recent re-valuation of Bloom shares.Contrary to myths about Bloom, our research indicates that Bloom’s technology is not sustainable, clean, green, or remotely profitable.

We believe that Bloom Energy, once touted as the prospective “holy grail” of clean energy, is instead likely to wind up in the history books alongside failed companies like Theranos or Solyndra.

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