Exelon and Bloom Energy Partner to Provide Clean Distributed Power to Commercial Customers
July 29 2014 - 8:00AM
Business Wire
First-of-its-kind partnership to install Bloom
Energy Servers to meet surging demand for distributed
generation
Exelon Corporation, the nation’s leading competitive energy
provider, will provide equity financing for 21 megawatts (MW) of
Bloom Energy fuel cell projects at 75 commercial facilities in
California, Connecticut, New Jersey and New York. The power buyers
include new and repeat blue-chip customers, such as AT&T, which
will use the fuel cells to power operations at nine sites.
As the first step in a long-term strategic partnership with
Bloom Energy, Exelon will finance Bloom Energy projects through
Bloom Electrons™, a service that allows customers to buy power as a
service, rather than purchasing the equipment directly. This is the
first investment by an energy company in Bloom Electrons, and it
will support the program’s largest commercial deployment to
date.
“As a strong proponent of customer choice and innovation, Exelon
is always looking for ways to support business customers who want
to take control of their energy usage,” said Chris Crane, president
and CEO of Exelon. “This partnership with Bloom Energy is an
extension of our Constellation business, and we are committed to
meeting the growing demand for distributed generation with Bloom
Energy’s clean, reliable, non-intermittent power solution.”
Exelon’s partnership with Bloom Energy builds upon the
distributed generation business of Exelon subsidiary Constellation,
a leading competitive retail supplier of energy products and
services serving more than two-thirds of the FORTUNE 100. The
business unit develops, owns and operates distributed generation
for retail customers, including onsite solar, emergency generation
and cogeneration. Constellation has been active in the distributed
generation business since 2007 and will play a key role in the
ongoing management of Exelon’s partnership with Bloom Energy.
“This partnership with Exelon demonstrates a significant
commitment, as one of the largest and most important energy
companies in the country commits to Bloom Energy’s reliable,
resilient and distributed power,” said KR Sridhar, principal
co-founder and CEO of Bloom Energy. “We look forward to building
upon this first phase in our partnership.”
Exelon and Bloom Energy plan to complete the installations in
phases over the next year. When completed, the fuel cells will
produce enough clean, reliable electricity to power the equivalent
of more than 11,000 homes each year.
Market leading Bloom Energy Servers use solid oxide fuel cell
technology to produce electricity from natural gas. They rely upon
an efficient electrochemical process that results in far fewer
carbon emissions than other traditional power generation
methods.
Terms of the transaction were not disclosed. Credit Suisse was
Exelon’s financial adviser, and Morgan Stanley advised Bloom on its
partnership with Exelon.
About Exelon Corporation
Exelon Corporation (NYSE: EXC) is the nation’s leading
competitive energy provider, with 2013 revenues of approximately
$24.9 billion. Headquartered in Chicago, Exelon does business in 48
states, the District of Columbia and Canada. Exelon is one of the
largest competitive U.S. power generators, with more than 35,000
megawatts of owned capacity comprising one of the nation’s cleanest
and lowest-cost power generation fleets. The company’s
Constellation business unit provides energy products and services
to approximately 100,000 business and public sector customers and
approximately 1 million residential customers. Exelon’s utilities
deliver electricity and natural gas to more than 7.8 million
customers in central Maryland (BGE), northern Illinois (ComEd) and
southeastern Pennsylvania (PECO). Follow Exelon on Twitter
@Exelon.
About Bloom Energy
Bloom Energy was founded in 2001 with a mission to make clean,
reliable energy affordable for everyone in the world. Bloom Energy
Servers are currently producing power for many Fortune 500
companies including Apple, Google, NSA, Walmart, AT&T, eBay,
Staples, as well as notable non-profit organizations such as
Caltech and Kaiser Permanente. Bloom Energy has more than 130 MW of
Bloom Energy Servers installed in the United States. Last year, the
company opened a large manufacturing center in Newark, Delaware and
completed a number of mission critical projects, including a 6 MW
deployment at an eBay data center in Utah. The company is
headquartered in the United States at Sunnyvale, California. For
more information, visit www.bloomenergy.com.
ExelonPaul Elsberg,
312-394-7417paul.elsberg@exeloncorp.comorBloom EnergyAlanna Gino,
408-543-1742alanna.gino@bloomenergy.com
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