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Bloom Energy Announces World’s Largest Fuel Cell Installation in History

By: via Business Wire

80 MW SOFC project demonstrates Bloom’s ability to operate at large scale and the company’s transformative role in the worldwide energy transition

Bloom Energy (NYSE: BE), a world leader in solid oxide fuel cell generation (SOFC) and solid oxide fuel cell electrolyzer (SOEC) technologies, today announced a landmark project to deliver fuel cells to the largest single-site installation to date in history. The 80 MW project, developed in partnership with SK Eternix, will power two ecoparks in North Chungcheong Province, South Korea, providing reliable, sustainable energy for critical infrastructure and regional development. The project is expected to begin commercial operations in 2025.

As part of the financing agreement, Bloom Energy will supply its world-class SOFCs and lead equipment management and maintenance. The project finance, led by Korea Development Bank, marks the largest project financing for fuel cells in the history of South Korea.

“This groundbreaking 80 MW installation underscores the scalability and reliability of our SOFC technology for large and complex projects,” said KR Sridhar, Founder, Chairman, and CEO of Bloom Energy. “Our collaboration with SK Eternix is a testament to our ability to build strong partnerships with global leaders and bring Bloom’s clean, resilient power solutions to international markets.”

“This successful financing agreement reaffirms the market’s trust and expectations for our renewable energy capabilities,” said Hae-zoong Kim, Chief Executive Officer of SK Eternix. “As a leading company in Korea’s renewable energy sector, we will continue to expand eco-friendly projects that support regional sustainability.”

SK Eternix, formally a division of SK D&D prior to its spin off as a separate public entity, is a longtime partner of Bloom Energy in South Korea and has been a distributor of Bloom’s energy solutions in South Korea since 2019. The new financing agreement builds on the success of the companies’ existing partnership and demonstrates the international market’s continued confidence in Bloom’s SOFC technology to power critical industries around the globe. Bloom Energy is a global leader in stationary fuel cell and power generation with 1.3 GW deployed worldwide.

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 Eternix

SK Eternix was newly launched in March 2024. Based on a diverse portfolio of renewable energy including solar, onshore wind power, and ESS, SK Eternix firmly establishes its position as a leading company. Furthermore, it pursues sustainable management and expands its business scope to power trading, fuel cell, and offshore wind power to secure future growth momentum.

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, the project’s timing, and expectations that the installation will be the largest single-site fuel cell installation in history. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, risks and uncertainties detailed in Bloom’s SEC filings. 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, 2023, and Quarterly Reports on From 10-Q for the quarters ended March 31, 2024, and June 30, 2024, filed with the SEC on February 15, 2024, May 9, 2024, and August 8, 2024, respectively, as well as subsequent reports filed with or furnished to the SEC. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements.

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