Thermis / BE / The short seller's report, 2026-07-08
2026-07-08 · Short seller's report
The short seller's report, route by route
A short seller alleges Bloom relies on Chinese scandium oxide, naming a Hunan producer as a direct shipper. Its publisher's affiliate is short BE. Below, each route it alleges, with whether a record joins the links.
- 2026-07-08 · reported by a third party
Scandium oxide shipments to Bloom, alleged
shipped scandium oxide directly to Bloom in Newark, Delaware, at least four times between August 2023 and May 2024
A short seller (its publisher's affiliate is short BE) · Short seller's report on Bloom's scandium sourcing · 2026-07-08 · a third-party copy, not matched to an official host · fingerprint 26a6f63368589260
- 2026-07-09 · the party's own document
Scandium oxide supply, company statement
We have sufficient supply of scandium oxide to meet our current fuel cell demand and backlog, and our supply is not dependent on China
Bloom Energy · Form 8-K, Item 7.01: the company's statement on scandium oxide · 2026-07-09 · matched to the publisher's official host, checked 2026-09-23 · fingerprint a80b071e8fd5267b
- 2026-08-05 · the party's own document
Export of scandium oxide to Bloom, the parent's answer
公司控股子公司湖南东方钪业作为钪行业头部企业，目前没有向Bloom Energy出口氧化钪
In English: LB Group's controlling subsidiary Hunan Oriental Scandium, a leading scandium company, is currently not exporting scandium oxide to Bloom Energy
LB Group (龙佰集团), the producer's listed parent · Answers on the Shenzhen exchange's investor Q&A platform · 2026-09-24 · matched to the publisher's official host, checked 2026-09-24 · fingerprint 19bdc7097a2ac44d
The routes, side by side
| Directly from the Chinese producer | Through the Japanese processor | Through the Thai component maker | Through the Korean makers | |
|---|---|---|---|---|
| The route | Hunan Oriental Scandium → Bloom Energy | DKK's Chinese partner → DKK → Bloom Energy | (not identified) → Chaozhou Three-Circle → Bloom Energy | (not identified) → KV Materials → Amosense → Bloom Energy |
| Its links | Hunan Oriental Scandium → Bloom Energy Reported · historical | DKK's Chinese partner → DKK Documented · historicalDKK → Bloom Energy Reported · period not stated | gap: not identified → Chaozhou Three-CircleChaozhou Three-Circle → Bloom Energy Inferred · current | gap: not identified → KV MaterialsKV Materials → Amosense Reported · period not statedAmosense → Bloom Energy Reported · period not stated |
| Does a record join the links into one flow? | One link, so nothing to join: the question is whether the alleged shipments happened. A visit in 2023 is documented; a shipment is not. | No. DKK buying Chinese scandium oxide in 2023 and DKK selling powder to Bloom are two separate relationships; they do not prove one continuous material flow. | No record names the source of the scandium in the sheets. | No. Both links rest on the short seller's report; no record joins KV Materials' material to Amosense's Bloom-bound substrates. |
| The record that would | The manifest records behind the four bills of lading the report shows, naming the producer as shipper and Bloom as consignee. | A lot, batch or sourcing record connecting DKK's scandium input to its Bloom-bound powder. | Thai import records of scandium oxide or zirconia powder, or the maker naming its powder supplier. | KV Materials' audit report naming its product and supplier, and Amosense's reports naming its raw-material supplier. |
| Current | Current supply relationship unresolved. Historical evidence does not establish ongoing shipments, and the parent says there is no direct export now. | Current supply relationship unresolved: no DKK or Bloom document names the other. | Current, by inference: the maker's 2026 record speaks in the present tense, and Bloom is not named in it. | Current supply relationship unresolved: Bloom's post names no maker. |
Two separate relationships do not prove one continuous material flow: that takes a product, batch or sourcing record connecting the upstream input to the Bloom-bound output.
The report's other claims, on demand and supply volume
| Claim | What it says | Class | What the documents prove |
|---|---|---|---|
| BE-SC-006 | Bloom uses roughly 37 tonnes of scandium oxide per GW of fuel cells, before field replacements. | Alleged | nothing yet: the figure is not reproduced |
| BE-SC-007 | Field replacements of fuel-cell modules materially increase Bloom's annual scandium demand. | Inferred | nothing yet: replacement is documented, its volume is not |
| BE-SC-008 | World supply of qualified scandium oxide cannot support Bloom's stated ramp. | Alleged | nothing yet: a volume claim not reproduced |
| BE-SC-009 | China's export controls can interrupt Bloom-bound scandium, including through third countries. | Inferred | timing: the rules and their dates are documented, Bloom's exposure is not |
| BE-SC-010 | A scandium constraint will reduce Bloom's near-term revenue. | Alleged | nothing yet |