Thermis / BE / Chaozhou Three-Circle → Bloom Energy
A tie on Bloom's upstream supply chain · Ceramic separator sheets → Solid-oxide fuel cells
Chaozhou Three-Circle → Bloom Energy
- Material
- Ceramic separator sheets (the fuel cell's electrolyte), made in Thailand by the subsidiary Glory Winner
- Evidence
- Inferred · current · as of 2026-04-17
- Latest record
- 2026-04-16 · The maker's investor-relations record: main supplier of fuel-cell separator sheets to an overseas fuel-cell leader, not named (record 3).
- Route recorded
- From the Thai subsidiary, Glory Winner, set up in 2019 (F225).
- Supplier
- Chaozhou Three-Circle · Thailand plant, China parent · Ceramic separator sheets
- Customer
- Bloom Energy · United States · Solid-oxide fuel cells
What this supports
The maker's own filings: it sells fuel-cell separator plates to US customers and moved that business to its Thai subsidiary in 2019 (records 1, 2); it is the main supplier of solid-oxide fuel-cell separator sheets to an unnamed overseas fuel-cell leader (records 3, 4); the Thai subsidiary is operating in 2026 (record 5). Only the short seller's report names Bloom (record 6).
What remains unknown
The customer's name in the maker's own documents; where the scandium in its sheets comes from.
The claim it answers
- Inferred BE-SC-003 · Glory Winner in Thailand, a subsidiary of Chaozhou Three-Circle, supplies Bloom with ceramic electrolyte membranes whose scandium is of Chinese origin. · what the documents prove: timing; the relationship only by inference, the origin not at all
The records (6)
- 2019-07-01 · the party's own document
Fuel-cell separator plates for US customers, moved to Thailand
公司于 2019 年 7 月在泰国成立新的子公司 Glory Winner (Thailand) Co., Ltd.，将燃料电池隔膜板业务搬迁至泰国并由该子公司负责生产和销售
In English: In July 2019 the company set up a new subsidiary in Thailand, Glory Winner (Thailand) Co., Ltd., moved its fuel-cell separator-plate business there, and has that subsidiary produce and sell it
Chaozhou Three-Circle · Reply to the Shenzhen exchange's inquiry letter on its share issue · 2021-08-20 · matched to the publisher's official host, checked 2026-09-25 · fingerprint 55392a6acfdb5b48
- 2021-06-30 · the party's own document
Products sold to US customers
公司向美国客户销售的产品主要为燃料电池隔膜板、光纤陶瓷插芯及套筒
In English: The products the company sells to US customers are mainly fuel-cell separator plates, and optical-fibre ceramic ferrules and sleeves
Chaozhou Three-Circle · Reply to the Shenzhen exchange's inquiry letter on its share issue · 2021-08-20 · matched to the publisher's official host, checked 2026-09-25 · fingerprint 55392a6acfdb5b48
- 2026-04-16 · the party's own document
Main supplier of fuel-cell separator sheets to an overseas fuel-cell leader
公司与一家海外燃料电池龙头企业已建立长期合作关系，是其燃料电池隔膜片的主要供应商
In English: The company has a long-term relationship with a leading overseas fuel-cell company and is the main supplier of its fuel-cell separator sheets
Chaozhou Three-Circle · Investor-relations record, 2026 no. 1 · 2026-04-17 · matched to the publisher's official host, checked 2026-09-25 · fingerprint 2dc661461c81ae15
- 2026-04-16 · the party's own document
SOFC separator sheets, use
公司 SOFC 隔膜片主要应用于固体氧化物燃料电池
In English: The company's SOFC separator sheets are used mainly in solid oxide fuel cells
Chaozhou Three-Circle · Investor-relations record, 2026 no. 1 · 2026-04-17 · matched to the publisher's official host, checked 2026-09-25 · fingerprint 2dc661461c81ae15
- 2026-06-30 · the party's own document
Thai subsidiary's tax exemption, first half 2026
Chaozhou Three-Circle · Interim report 2026 · 2026-08-28 · matched to the publisher's official host, checked 2026-09-25 · fingerprint 25a0351b968aeb19
- 2025-11-01 · reported by a third party
Ceramic electrolyte membranes shipped to Bloom from Thailand, alleged
Glory Winner (Thailand) Co. Ltd. shipped more than 154 metric tons of ceramic electrolyte membranes to Bloom between July 2024 and November 2025
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
What would settle it
- Would confirm it: A Three-Circle or Glory Winner document naming Bloom as the customer and a Chinese producer as the source of the scandium or scandia-stabilised zirconia in its sheets; or Thai import records of the powder from China.
- Would weaken it: A document showing the scandium comes from outside China (for example Bloom or a Japanese maker supplying the powder), or that the sheets sold to Bloom are not scandia-stabilised.
- Next step: Read Thailand's import statistics for scandium oxide and zirconia powder into Chon Buri.
- Next step: Ask the maker on the exchange's Q&A platform where the scandium in its fuel-cell sheets comes from.
One step upstream: who supplies Chaozhou Three-Circle?
- gap: not identified · Who supplies the powder and scandium in the separator sheets