Science & Technology

Bloom Energy and SK Construction invest to expand highly successful power generation partnerships and establish market leadership in the hydrogen economy

-SK Ecoplant will contract at least 500 megawatts of electricity from Bloom Energy by 2024, earning an estimated $ 4.5 billion in equipment and service revenue-Bloom Energy and SK Ecoplant will establish hydrogen innovation centers in the United States and South Korea , Promote commercialization of green hydrogen ・ SK construction targeting approximately $ 500 million in equity investment in Bloom Energy

San Jose, CA and SEOUL, South Korea-October 25, 2021-Bloom Energy (NYSE: BE), a leading energy company, and SK Ecoplant, an affiliate of the South Korean conglomerate SK Group, are expanding their operations today. I announced that. Existing partnerships to strengthen market leadership in power generation and establish market leadership in the hydrogen economy. The partnership includes purchasing a minimum of 500 megawatts (MW) from Bloom Energy, which represents a $ 4.5 billion revenue commitment. We will jointly create two hydrogen innovation centers. We are aiming for a stock investment of approximately $ 500 million.

SK Construction has contracted a minimum of $ 4.5 billion in equipment and service revenue over a three-year period

Bloom Energy and SK Construction have traded approximately 200 MW of projects since the inception of the strategic partnership three years ago, with a total of over $ 1.8 billion in equipment and expected service revenue. Over the next three years, the two companies will expand this existing business with an additional contract of at least 500 MW of electricity between 2022 and 2025. That’s about $ 4.5 billion in equipment and future service revenue.

“Bloom Energy is SK Construction’s largest strategic partner in clean energy,” said Kyung-II Park, CEO of SK Construction. “For the past three years, we’ve seen the unmatched performance of Bloom Energy’s products and the company’s ability to implement and deliver superior solutions, and experience Bloom’s new hydrogen fuel cells and high-efficiency electrolyzers first-hand. We are excited. We have a competitive advantage. Our cooperation has established a common commitment to sustainability, innovation and value creation. By making this financial investment, we have established a common commitment. We are confident and are driving our commitment to this partnership. “

KR Sridal, Founder, Chairman and Chief Executive Officer of Bloom Energy, said: “We are thrilled that over the last three years, the superior performance, execution capabilities and scale of our products have led to a strong relationship with SK Construction. SK Construction’s confidence in our investment is clear to us. It’s a verification. Products and employees. Together, we can accelerate the hydrogen economy on a global scale. It’s a win, a win, a win, a win for us, our partners, our customers and our investors. “

SK Construction and Bloom Energy Establish Two Hydrogen Innovation Centers
Bloom Energy and SK Construction have agreed to establish hydrogen innovation centers in the United States and South Korea. Its purpose is to significantly accelerate the expansion of the global market for Bloom Energy’s hydrogen fuel cells and electrolytic cell products. The agreement also reflects both the strengthening of Bloom Energy and SK Construction’s zero-carbon future efforts and the further implementation of environmental, social and governance practices.

In addition, Bloom Energy and SK Construction have agreed to strengthen their strategic alliance by expanding business cooperation in the global market. This may include exclusive sales rights in some new markets.

SK Construction to invest about $ 500 million in Bloom Energy
SK Construction will invest $ 255 million in Bloom Energy by acquiring 10 million zero coupons and non-voting redeemable convertible preferred stock at a price of $ 25.50 per share. SK Construction has the option to acquire at least 11 million additional Class A common stock at a premium of 15% of the current stock price. This must be until November 30, 2023 and is subject to the maximum amount. 15% ownership.

Upon completion of the purchase of the second tranche by SK Construction, SK Construction will add members to Bloom Energy’s board of directors. SK provides an irrevocable agent for voting its shares on Bloom Energy.

Bloom Energy will use the revenue for market growth, rapid commercialization of hydrogen solutions, and general corporate purposes.

Timing and advisor
The investment requires normal termination conditions and regulatory approval and will be terminated within 45 days.

Centerview Partners LLC is a financial advisor to Bloom Energy.

About SK construction
Launched in 1977 under the name SK Construction, SK Construction has the highest level of technical skills and construction capabilities in areas such as chemistry and power plants, infrastructure, construction and housing. The company recently set a new goal of becoming a world-leading, environmentally friendly new energy company that connects the environment, people and finance through technology and ultimately contributes to the sustainable lives of all. For more information, please visit www.skecoplant.com/en.

About Bloom Energy
Bloom Energy’s mission is to provide clean, reliable energy to everyone in the world at an affordable price. The company’s product, Bloom Energy Server, provides reliable, resilient, always-on power, is clean and cost-effective, and is ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities and other industries. For more information, please visit www.bloomenergy.com.

Bloom Energy and SK Construction invest to expand highly successful power generation partnerships and establish market leadership in the hydrogen economy

http://www.altenergymag.com/news/2021/10/25/bloom-energy-and-sk-ecoplant-expand-highly-successful-power-generation-partnership-and-invest-to-establish-market-leadership-in-the-hydrogen-economy/36134 Bloom Energy and SK Construction invest to expand highly successful power generation partnerships and establish market leadership in the hydrogen economy

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