Bloom Energy layoffs will impact roughly 100 employees in Fremont and Sunnyvale, California, according to Silicon Valley Business Journal.
The Bloom Energy job cuts surfaced roughly two weeks before the company is scheduled to announce Q3 2023 financial results on November 8. The previous earnings report, delivered in August 2023, featured record quarterly revenues and a "reaffirmed outlook" for profitability for the year.
Sustainable Tech Partner has reached out to Bloom Energy for comment about the job cuts, and we'll update this article if we gather more information about the staffing changes.
Bloom Energy Fuel Cells: Ideal for Data Center Customers?
Bloom Energy's flagship product -- known as an Energy Server -- is a distributed power generation platform. The fuel cell technology converts natural gas, biogas, or hydrogen into electricity without combustion, resulting in low or no CO2 emission, Bloom Energy asserts. Target customers include data centers, hospitals and other mission-critical organizations that need always-on power.
Meanwhile, numerous clean energy and renewable energy companies have hit business turbulence in recent weeks. Solar company stocks have tumbled amid inventory gluts. And rising interest rates have pressured the market, since customers often finance capital-intensive clean energy projects.
Bloom Energy is no stranger to market turbulence and business challenges. The company navigated job cuts and an accounting error in 2020, Delaware Online reported at the time.
Still, customers are embracing Bloom Energy's technology. Revenues were $301.1 million in Q2 of 2023, up 23.8% compared to Q2 of 2022. We'll be watching for Q3 2023 results on November 8.
Growing Green Job Market Faces Targeted Layoffs, Staff Cuts
Meanwhile, the overall sustainability job market remains strong -- as businesses seek employees to fill green IT, renewable energy, and energy transition jobs.
Indeed, demand for green jobs in the United States has grown roughly 50% since 2019, according to Lightcast. In response, companies such as Accenture, EY, Goodwill and Microsoft have launched green jobs training programs.
Still, the rising tide involving green jobs will not lift all boats. Sustainability-oriented companies announcing layoffs and staff cuts in 2023 so far include ChargePoint, Flexport, Maxeon Solar, Morningstar Sustainalytics and Navigator CO2.