Bloom Energy (NYSE: BE) and SK ecoplant, an engineering and
energy solutions provider and subsidiary of South Korean
conglomerate SK Group, today announced they have extended the terms
of the Preferred Distributor Agreement (“PDA”) the companies signed
in 2021. SK ecoplant has committed to purchase 500 megawatts (MW)
of Energy Servers from Bloom Energy through 2027. The transaction
is expected to generate approximately $1.5 billion in product
revenue and $3 billion of service revenue over 20 years for Bloom
Energy. The agreement extends the initial term from 2024 to 2027
and includes a recommitment of approximately 250 MW from the 2021
agreement with an additional 250 MW under this agreement.
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the full release here:
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Pictured Above (from right): Junghun
(Roy) Kim, Vice President, Eco Solutions Business Unit, SK
ecoplant, Kyung-il Park, CEO, SK ecoplant, and Greg Cameron, CFO
and President, Bloom Energy. (Photo: Business Wire)
Launched in 2018, the strategic partnership between Bloom Energy
and SK ecoplant has strengthened their respective market leadership
positions in power generation and the global hydrogen economy. SK
ecoplant will be a preferred distributor globally for Bloom Energy
solid oxide fuel cells (SOFC) and solid oxide electrolyzers (SOEC)
in markets where SK ecoplant has a significant presence and
competitive advantage. Bloom Energy and SK ecoplant have deployed
400 MW since the beginning of the partnership.
“The continuation of our partnership with SK ecoplant is a
strong testament to our companies’ shared commitment to expanding
the global power and hydrogen market,” said KR Sridhar, founder,
chairman, and CEO, Bloom Energy. “High-demand industries need
reliable, clean, and predictable power, and together with SK
ecoplant, Bloom has proven that our solid oxide platform is a
critical solution to meet growing power needs around the world
while enabling the net-zero transition. The success of our work
with SK ecoplant reinforces our commitment to actively lowering
emissions worldwide.”
“We are thrilled to expand our partnership with Bloom Energy,
another signal of our enduring focus on an energy transition and
facilitating a clean energy economy,” said Kyung-II Park, CEO, SK
ecoplant. “In our five years of collaboration, SK ecoplant has
maintained a consistent competitive advantage with the help of
Bloom’s highly efficient fuel cells and electrolyzers. This
commitment and expansion represents our confidence that Bloom will
continue to drive innovation for a clean energy future.”
SK ecoplant continues to strengthen its partnership with Bloom
energy, by having made a roughly $566 million equity investment in
the company and owning about 10% of the company’s shares.
Bloom Energy’s solid oxide platform delivers reliable,
resilient, 24/7 onsite power with world-leading efficiency. The
company’s Energy Server enables businesses and communities to take
charge of their energy and eliminate down times, while continuing
to meet advanced sustainability targets.
For more information about Bloom Energy’s platform and the
company’s commitment to a zero-carbon future, see:
https://www.bloomenergy.com/technology/
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly
take charge of their energy. The company’s leading solid oxide
platform for distributed generation of electricity and hydrogen is
changing the future of energy. Fortune 100 companies around the
world turn to Bloom Energy as a trusted partner to deliver lower
carbon energy today and a net-zero future. For more information,
visit www.bloomenergy.com.
About SK ecoplant
SK ecoplant is the environment and energy arm of SK Group and is
leading the group’s future ESG business as a global environmental
and energy company. By integrating AI and digital transformation
into its entire value chain of the environmental business, SK
ecoplant is upgrading its business and accelerating the expansion
of its operation to the global market from its global operation
base in Southeast Asia.
It has grown rapidly in the waste battery recycling sector and
renewable energy sectors, including hydrogen, fuel cells, offshore
wind power and photovoltaic power. It is also committed to
ESG-oriented management for sustainable growth, leading the efforts
to solve global environmental and energy issues and achieve a
circular economy for zero waste and net zero.
Forward Looking Statements
This press release contains certain forward-looking statements,
which are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or our future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “should,” “will” and “would” or the negative of these words
or similar terms or expressions that concern Bloom’s expectations,
strategy, priorities, plans or intentions. These forward-looking
statements include, but are not limited to, expectations for a
successful expansion of the partnership between the two companies;
expected product and service revenue under the agreement; the scope
and terms of the proposed partnership, and the ability of the
companies to fortify their market leadership position in the global
hydrogen economy. More information on potential risks and
uncertainties that may impact Bloom’s business are set forth in
Bloom’s periodic reports filed with the SEC, including its Annual
Report on Form 10-K for the year ended December 31, 2022, filed
with the SEC on February 21, 2023 and its Quarterly Reports on Form
10-Q for the quarters ended March 31, 2023, June 30, 2023, and
September 30, 2023, as filed with the SEC on May 9, 2023, August 3,
2023, and November 8, 2023, respectively, as well as subsequent
reports filed with or furnished to the SEC from time to time. Bloom
assumes no obligation to, and does not intend to, update any such
forward-looking statements.
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Investor Relations Ed Vallejo Bloom Energy +1 (267)
370-9717
Media Contact Amanda Song press@bloomenergy.com
David Park SK ecoplant pkm@sk.cm
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