In the United States, Bloom Energy has publicly responded to allegations made by Hunterbrook Capital, a short-selling firm, which published a report on July 8, 2026. The report claimed that Bloom's financial reporting and supply chain were misleading, particularly regarding its dependence on Chinese suppliers for scandium oxide, a critical material for its solid oxide fuel cells. Hunterbrook's investigation suggested that Bloom's long-term manufacturing ambitions could be hindered by global scandium availability, raising concerns about the feasibility of its expansion plans.
Bloom Energy's response, issued on July 9, 2026, firmly rejected these claims, stating that the allegations about its accounting practices are contradicted by its audited financial statements. The company emphasized that it has a sufficient supply of scandium oxide to meet both current production needs and its existing customer backlog, asserting that its supply chain is not reliant on China. This rebuttal comes in the wake of a significant drop in Bloom's stock price, which fell approximately 6% following the release of Hunterbrook's report.
The report titled "Bloom's Big Lie" argued that Bloom's public statements about its supply chain conflict with trade data and supplier relationships. Hunterbrook claimed to have evidence from global shipping records and corporate filings that linked Bloom to Chinese sources of scandium. Additionally, a representative from a Chinese producer allegedly identified Bloom as one of its largest customers, further complicating the company's claims of independence from Chinese suppliers. Hunterbrook estimated that Bloom's goal of producing five gigawatts of fuel cells annually would require nearly the entire projected global supply of scandium oxide, raising doubts about the company's growth targets.
In light of these allegations, Bloom Energy reiterated its commitment to transparency and its confidence in its supply chain management. The company stated that it has visibility across its supply chain that supports its production capacity of 25 gigawatts of fuel cells annually, with plans for continued expansion. Bloom's response aims to reassure investors and stakeholders about its operational integrity and future growth potential, countering the narrative presented by Hunterbrook Capital. The ongoing discourse highlights the challenges faced by clean energy companies in navigating supply chain complexities and maintaining investor confidence in a competitive market.
