Bloom Energy Stock Is Rising Tuesday: What's Going On?

Shares of Bloom Energy Corporation BE are trading higher Tuesday after the company announced a partnership with Conagra Brands Inc CAG to implement fuel cell technology at its Ohio production facilities.

What To Know: Bloom Energy and Conagra have signed a 15-year power purchase agreement to deploy approximately six megawatts of fuel cell technology at Conagra's Ohio facilities.

The project is expected to supply 70% to 75% of the sites' electricity needs while reducing greenhouse gas emissions by 19%. The move aligns with Conagra's 2030 sustainability targets, which include science-based greenhouse gas reductions and have been validated by the Science Based Targets initiative.

Bloom Energy's fuel cells generate electricity without combustion, avoiding pollutants like nitrogen oxides and carbon monoxide, which are typically produced by traditional power generation.

Conagra's vice president of sustainability, Christine Daugherty, stated that the initiative supports the company's efforts to modernize its supply chain and reduce its environmental impact.

“We are committed to channeling our operational efficiency efforts into strategic areas where we can make a significant impact across our production process,” Daugherty said.

As part of its broader sustainability strategy, Conagra said it established a $9 million Sustainability Capital Allowance program to invest in technologies that improve operational efficiency and minimize environmental footprint.

BE Price Action: Bloom Energy shares were up 5.54% at $20.77 at the time of writing Tuesday, according to Benzinga Pro.