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 understanding[1] (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 CO[2] 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." 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 (CO[2]) transportation and permanent storage capabilities and CRC's proven project management expertise. Bloom's high-concentration CO[2] 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 CO[2] 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 CO[2] for its customers. CTV is advancing a portfolio of CCS projects, including CTV I, which is now operational and injecting CO[2] for permanent sequestration in a depleted reservoir deep underground. For more information, visit www.carbonterravault.com. Forward-Looking Statements Information set forth in this communication, including financial estimates and statements, constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements, and include statements regarding CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives and intentions of management for the future. Words such as "expect," "could," "may," "anticipate," "intend," "plan," "ability," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "guidance," "outlook," "opportunity" or "strategy" or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of CRC and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements. Although CRC believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC's actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the SEC. These factors include, but are not limited to: fluctuations in commodity prices; production levels and/or pricing by OPEC, OPEC+ or U.S. producers; government policy, war and political conditions and events; changes in price realizations; integration efforts and projected synergies and other benefits in connection with the Berry Merger, Crimson acquisition and other acquisitions; divestitures and joint ventures, including the Uinta divestiture; regulatory actions and changes that affect the oil and gas industry generally and CRC in particular; the efforts of activists to delay or prevent oil and gas activities or the development of CRC's carbon management segment; changes in business strategy and the ability and financial resources to execute its capital plan in a timely manner; lower-than-expected production; changes to estimates of reserves and related future cash flows; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends; results from operations and competition in the industries in which it operates; CRC's ability to realize the anticipated benefits from prior or future efforts to reduce costs and improve capital efficiencies; environmental risks and liability; the benefits contemplated by its energy transition strategies and initiatives; CRC's ability to successfully identify, develop and finance carbon capture, transportation and storage projects, power projects and other renewable energy efforts, including those contemplated by the Bloom MOU; changes in transportation costs and CRC's ability to develop midstream opportunities; delays from government approvals and otherwise that could affect the timing of projects; future dividends and share repurchases and de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events. CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the date hereof, and CRC is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information. | Daniel Juck (Investor Relations) 818-661-3700 [email protected] | Hailey Bonus (Media) 714-874-7732 [email protected] |

Supercapacitors for Data Centers: case studies, plans & Partnerships. October 28, 2026 Supercapacitors are seeing increasing interest as energy storage devices within AI data center power architectures. However, the application is still emerging, and case studies and deployments remain limited. IDTechex's recent report "Supercapacitors for Data Centers 2027-2037: Technologies, Applications, Players and Forecasts", predicts more than 70 GW of cumulative supercapacitor power supply will be installed in data centers across the world. This article provides an overview of early developers of the technology and potential partnerships. Player announcements: who is targeting the market? A number of supercapacitor players have already pivoted to better target the AI data center market, developing products aimed specifically at installation in racks or in UPS facilities, or exploring deployment of supercapacitor cells within backup units and data center power infrastructure. These include: * Skeleton Technologies: developed hybrid and electric double-layer capacitors (EDLCs), including Graphene battery backup unit (BBU) and SuperBattery container. * Eaton: developed uninterruptible power supply (UPS) modules and racks to complement BBUs. Developed 800V data center power architecture reference example including supercapacitors. * VinaTech: scaling up cell and module production to target AI data centers, including partnerships with Bloom Energy, a fuel cell developer. * LiCAP: developing modules for UPS and power stabilization at rack-scale. Quotes need for supercapacitors at 1:10 ratio compared to batteries in BBUs for AI data centers. * Capacitech: developing systems and module designs rather than cells, with cable-form factor aimed at data center retrofitting. * Panasonic: recently announced development of capacitor-based battery backup units aimed at data centers, with plans to begin production in 2027. Types of partnerships and varying disclosure. As of 2026, there is minimal publicly available information regarding supply agreements between supercapacitor product developers and data center players directly. This may be due to limited commercial deployment at scale, with data center players currently validating and testing supercapacitor options within data center power architectures, or it may be due to the current focus of hyperscale data centers on data center construction rather than optimization of power architecture, with optimization becoming more of a priority over the next 1-3 years. Despite this, there are several partnerships/collaborations of interest announced by supercapacitor players developing products for the AI data center industry. These generally take two forms: * Partnerships between supercapacitor developers and power infrastructure developers to produce more complete, easily integrated products. * Partnerships/project collaborations to validate and show proof-of-concept of supercapacitor integration. Specific examples of both of these partnerships are explored in detail in IDTechEx's recent report: "Supercapacitors for Data Centers 2027-2037: Technologies, Applications, Players and Forecasts". Development partnerships. Examples of development partnerships combine supercapacitor cell or technology developers with power architecture developers or systems developers. Musashi Energy Solutions' partnerships Flex and DG Matrix are good examples. Musashi Energy Solutions is a developer of hybrid supercapacitor cells, based in Michigan. The company partnered with Flex in 2024 to develop capacitor-based energy storage systems (CESS). These systems, taking the form of 18.3" x 31" x 1.73 " trays were released in 2025 and explicitly developed to target AI data centers. Musashi Energy Solutions also announced another collaboration in March 2026 with DG Matrix, integrating Musashi Energy Solutions' ESS400 Energy Storage System and DG Matrix's Interport, a multi-port solid-state transformer. The purpose of this collaboration was to target large AI power fluctuations, preventing equipment damage and degradation and reducing grid instability, which IDTechEx identifies as a major challenge for AI data centers. IDTechEx conclusions. In IDTechEx's assessment, small-scale supercapacitor deployments in data centers have already occurred, and it is likely that the market will shift from the validation stage to wider scale commercial deployment in the next 1-2 years, with 2026 marking a pivot point in the industry. Refocusing efforts by supercapacitor players to better target AI data centers, as well as direct statements by supercapacitor and power infrastructure players have shown healthy optimism for supercapacitor potential, though it remains to be seen at what scale this will be realised. For more detailed analysis of the role of supercapacitors in AI data centers and the emerging market, see IDTechEx's recent report: "Supercapacitors for Data Centers 2027-2037: Technologies, Applications, Players and Forecasts".

Simply Wall St has named three growth stocks to watch in October 2026, as AI-related cybersecurity threats push governments and businesses to upgrade systems and data centres. Bloom Energy makes on-site fuel cell and electrolyzer systems and has a market cap of $57.15 billion. It earns about $3.83 billion from electric equipment, with roughly $3.58 billion from the US. Its outlook depends on the timing and economics of large-scale deployments. Micronics Japan, with a market cap of JPY 443.9 billion, makes semiconductor probe cards. Demand is tied to memory and AI chips, though test equipment cycles pose a risk. USA Rare Earth, valued at $3.5 billion, plans to mine and separate rare earth oxides from Round Top Mountain. Its path to cash flow hinges on access to capital.