Bloom Energy and SK ecoplant Expand Highly Successful Power Generation Partnership and Invest to Establish Market Leadership in the Hydrogen Economy
Bloom Energy (NYSE: BE), a leading energy company, and SK ecoplant, an affiliate of South Korean conglomerate SK Group, today announced the companies are expanding their existing partnership to fortify their market leadership in power generation and to establish market leadership in the hydrogen economy. The partnership includes purchasing a minimum of 500 megawatts (MW) from Bloom Energy, representing a $4.5 billion revenue commitment; co-creating two hydrogen innovation centers; and targeting an equity investment of approximately $500 million.
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SK ecoplant Contracts a Minimum of $4.5 Billion in Equipment and Service Revenue Over Three Years
Since the start of their strategic partnership three years ago, Bloom Energy and SK ecoplant have transacted nearly 200 MW of projects together totaling more than $1.8 billion of equipment and expected service revenue. Over the next three years the companies will expand this existing business with contracts for at least an additional 500 MW of power between 2022 and 2025, representing approximately $4.5 billion in equipment and future service revenue.
“Bloom Energy is SK ecoplant’s largest strategic partner in clean energy,” said Kyung-II Park, CEO, SK ecoplant. “We have seen the unparalleled performance of Bloom Energy’s product over the past three years and the company’s ability to execute and deliver a superior solution. We have also had firsthand experience with Bloom’s new hydrogen fuel cells and highly efficient electrolyzers, and we are excited about the competitive advantage we will have. Our work together has established a shared commitment to sustainability, innovation, and creating value. We are demonstrating our confidence and furthering our commitment to this partnership by making this financial investment.”
“From the start of our relationship with SK ecoplant, we have recognized that working together will accelerate our growth and enable SK to become a leader in clean energy and infrastructure solutions,” said KR Sridhar, founder, chairman, and CEO, Bloom Energy. “I am thrilled that over the past three years the superior performance of our products, execution capability, and the scale of our operations have led to such a strong relationship with SK ecoplant. SK ecoplant’s confidence to invest in us is a clear validation of our products and our people. Together, we can accelerate the hydrogen economy on a global basis. This is a win, win, win, win for our company, partners, customers, and investors.”