Bloom Energy Stocks Rally After Rejecting Short-Seller Claims

Bloom Energy BE shares reversed course this week, rallying roughly 7% on Thursday after the fuel-cell maker forcefully rejected a short-seller report that had knocked the stock lower a day earlier.

The report, published Wednesday by Hunterbrook Media (whose affiliated hedge fund Hunterbrook Capital disclosed a short position), argued that Bloom's solid oxide fuel cells depend heavily on Chinese-sourced scandium oxide. Hunterbrook's supply-demand model estimated Bloom alone would need roughly 220 tons of the rare-earth material to hit Wall Street's 5-gigawatt production targets, against a projected global supply of only about 240 tons. The report also contrasted Bloom's unaudited $20 billion order backlog with remaining performance obligations of $492.6 million as of March 31, and noted that roughly 74% of fourth-quarter revenue flowed through joint ventures with Brookfield.

Bloom called the allegations "false and misleading," saying it has clear visibility into a diversified, multi-country supply chain built over two decades, supported by proprietary materials-recovery technology, and that its scandium supply is not dependent on China. The company stood behind its audited financial statements and pointed investors to its most recent 10-K and 10-Q filings rather than issuing new figures.

For investors, the episode is a reminder that fuel-cell and clean-energy names remain sensitive to supply-chain scrutiny even as demand for on-site, grid-independent power from AI data centers underpins bullish sentiment on Bloom's order pipeline. Whether the rebound holds may depend on whether Bloom offers more granular supplier-diversification disclosure in coming filings.

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