Bloom Energy Successfully Deploys its First Fuel Cells Powered Solely by Hydrogen

New hydrogen pilot with SK Engineering & Construction generates carbon-free power, paving the way for South Korea to reach carbon neutrality by 2050

Bloom Energy (NYSE: BE) today announced that, in collaboration with its Korean partner, SK Engineering & Construction Co., Ltd., an affiliate of SK Group, it has successfully deployed 100 kilowatts of solid-oxide fuel cells (SOFC) powered solely by hydrogen in Ulsan, South Korea, generating zero-carbon onsite electricity.

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Bloom Energy's solid-oxide fuel cells (SOFC) powered solely by hydrogen in Ulsan, South Korea, generating zero-carbon onsite electricity. (Photo: Business Wire)

Hydrogen fuel cells, which convert hydrogen into electricity through a non-combustion electrochemical process, are increasingly recognized by climate experts and governments across the globe as an essential tool for full decarbonization. Bloom Energy first announced its initial plans to enter the commercial hydrogen market in July 2020, which includes an intended 1 megawatt hydrogen-powered Energy Server installation with SK E&C by 2022.

“This deployment marks a significant milestone not only for Bloom, but for the future of hydrogen-based power generation,” said KR Sridhar, founder, chairman and CEO of Bloom Energy. “While Bloom’s hydrogen story started more than two decades ago, it’s now the right market timing to introduce hydrogen-powered solutions and help countries meet their net-zero emissions goals. We’re proud of our partnership with SK E&C. Together, we are well-positioned to play an important role in the global hydrogen economy.”

The SOFCs use hydrogen byproduct generated by SK Advanced to create power without CO₂ emissions. The hydrogen-powered fuel cells are supplied, operated and maintained by Bloom Energy. Upon completion of the pilot project, Bloom Energy’s hydrogen SOFCs will support South Korea’s Changwon RE100 initiative, as well as many other projects. The RE100 is a global renewable energy initiative led by the Climate Group to accelerate the move toward zero-carbon electricity grids. As reported in November 2020, Bloom Energy and SK E&C won a competitive bid for the Changwon RE100 to supply Bloom Energy’s hydrogen-powered SOFCs and hydrogen electrolyzers to an industrial complex there.

“Bloom’s state-of-the-art hydrogen fuel cell, which represents the pinnacle of power generation efficiency and safety, will allow us to provide clean electricity that will help Korea reach carbon neutrality by 2050,” said Jason Ahn, CEO of SK E&C. “We look forward to playing a leading role in the SK Group’s eco-friendly business expansion, as well as the Korean government’s Green New Deal and carbon neutrality policy.”

In addition, Bloom Energy intends to supply its solid-oxide electrolyzer cells (SOEC), which are designed to produce green hydrogen via solar and battery, to South Korea in 2022 as part of the RE100 project. The green hydrogen produced by the SOEC, which is created through electrolysis by converting water and renewable electricity into hydrogen without carbon emissions, will be used to power the hydrogen SOFC.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, Bloom Energy’s expectations regarding the hydrogen fuel cell market in South Korea, Bloom Energy’s expectations regarding its hydrogen-powered fuel cells and electrolyzers, Bloom Energy’s expectations that hydrogen-powered fuel cells will serve as an essential tool for full decarbonization, and Bloom Energy’s ability to successfully deliver these new hydrogen applications. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Annual Report on Form 10-K for the year ended December 31, 2020 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

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