Bloom Energy (BE 1.49%) and Plug Power (PLUG 0.90%) are taking different approaches in the race to create cleaner energy. Bloom focuses on solid-oxide fuel cells, while Plug's proton exchange membrane fuel cells are at the core of the company's technology. Which company has the better chance to dominate the next decade?
NYSE: BE
Key Data Points
Bloom's strong traction
Bloom Energy has large enterprise customers, including AT&T, Honda, and Oracle, and is well positioned to meet increasing AI-related energy demand. It recently announced a $5 billion partnership with Brookfield Asset Management (BAM 3.42%) to supply on-site power for AI data centers and infrastructure.
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Bloom is benefiting from surging demand from AI data centers. In its latest quarterly report, the company recorded $519 million in revenue, an increase of 57% year over year. Gross margin improved 5.4 percentage points. The stock was up over 290% in 2025.
Challenges for Bloom include scaling successfully to meet growing demand. It anticipates doubling capacity to 2 gigawatts in 2026. If Bloom falls short of this expectation, the stock will suffer.
Plug's massive potential market
Plug Power has a first-mover advantage and already works with two of the world's largest companies, Amazon and Walmart. This could be just the beginning for Plug, though. The total addressable market for green hydrogen could reach $60.5 billion by 2030.
NASDAQ: PLUG
Key Data Points
Plug has struggled with high cash burn and some execution missteps. Further delays in projects or a decrease in government support would be detrimental. On a positive note, Plug's financials saw a slight improvement through the first nine months of 2025, with a small decrease in operating losses and an increase in net revenue. Plug's electrolyzer business continues to be a strength, bringing in $65 million in the third quarter. The stock was down over 4% in 2025.
Which company will dominate?
If you're an investor seeking more stability and near-term opportunity for profitability, the advantage lies with Bloom Energy. However, Plug Power could be the breakout stock of the next 10 years for those with a higher risk profile. Plug wins the decade if green hydrogen takes off.
