Bloom Energy (NYSE:BE) share rose more than 2% intra-day today after HSBC analysts started coverage on the company with a Buy rating and a price target of $22.00.

The analysts’ rationale for this rating is based on several factors, including a favorable legislative environment, the global shift toward a clean hydrogen economy, international expansion efforts, new market opportunities, and the development of new sales channels. Additionally, Bloom Energy has a new manufacturing facility ready to scale, positioning itself to meet the growing demand for clean energy solutions.