California Resources Corporation Announces Strategic Collaboration With Bloom Energy to Advance Decarbonized Power Across California

Companies to Evaluate Scalable, Clean and Firm Power Solutions to Advance 1 GW or More of Decarbonized Power in California

LONG BEACH, Calif., Nov. 02, 2026 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC), and its carbon management business, Carbon TerraVault (CTV), today announced the signing of a memorandum of understanding¹ (MOU) with Bloom Energy (NYSE: BE) (Bloom), to jointly evaluate and target the potential development of 1 gigawatt (GW) or more of solid-oxide fuel cell power generation paired with carbon capture and storage in California.

"California needs more clean, firm, reliable, and affordable power generated here at home. We are uniquely positioned with land, vast subsurface storage and CO2 transportation and storage expertise," said Francisco Leon, CRC's President and Chief Executive Officer. "When combined with Bloom’s non-combustion technology with highly efficient carbon capture, we are positioned to deliver clean and affordable energy to power data centers and the grid at scale. This has the potential to significantly expand the value proposition for Carbon TerraVault's storage business and CRC’s integrated strategy."

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Aman Joshi, Bloom’s Chief Commercial Officer, added, “Our non-combustion technology makes carbon capture more efficient and economically viable at scale, opening a new path to carbon-neutral power generation and addressing the decarbonization needs of large critical infrastructure.”

Highlights

• Combine complementary capabilities across California, pairing Bloom's scalable solid-oxide fuel cell and third-party carbon capture technologies with CTV's carbon dioxide (CO2) transportation and permanent storage capabilities and CRC's proven project management expertise. Bloom’s high-concentration CO2 exhaust stream can make carbon capture more efficient and more cost-effective, positioning California to be among the nation’s first to pair fuel cell power generation with carbon capture at scale

• Identify and develop new commercial pathways with potential third-party power offtake customers, including utilities, community choice aggregators, municipalities, data centers and other industrial users, along with the interconnection, permitting and other project-development work required to bring projects online

• Initially evaluate and advance 1 GW or more of potential front-of-the-meter (FTM) and behind-the-meter (BTM) projects, representing up to 3 million metric tons per annum of CO2 emissions potentially available for capture and permanent storage, including contemplated projects in Central and Northern California:

  • FTM clean energy projects – targeting multiple FTM projects with potential connection to CTV's vast California storage portfolio and utility offtake
  • BTM clean energy opportunities – additional contemplated BTM projects across CRC's Central Valley footprint, designed for industries seeking on-site, clean and reliable power

¹ MOUs are non-binding agreements. The projects and transactions described in an MOU are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals.

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.

About Carbon TerraVault

Carbon TerraVault (CTV), CRC’s carbon management business, develops services to capture, transport and permanently store CO2 for its customers. CTV is advancing a portfolio of CCS projects, including CTV I, which is now operational and injecting CO₂ for permanent sequestration in a depleted reservoir deep underground. For more information, visit www.carbonterravault.com.