Bloom Energy Announces World’s Largest Fuel Cell Installation in History
Bloom Energy (NYSE: BE) has announced a historic 80 MW solid oxide fuel cell (SOFC) project in South Korea, marking the largest single-site fuel cell installation in history. The project, developed with SK Eternix, will power two ecoparks in North Chungcheong Province and is expected to begin operations in 2025. The project financing, led by Korea Development Bank, represents South Korea's largest fuel cell financing to date. Bloom Energy will supply SOFCs and manage equipment maintenance. The company currently has 1.3 GW deployed worldwide.
Bloom Energy (NYSE: BE) ha annunciato un progetto storico di 80 MW di celle a combustibile a ossido solido (SOFC) in Corea del Sud, che segna la più grande installazione di celle a combustibile in un singolo sito nella storia. Il progetto, sviluppato con SK Eternix, alimenterà due ecoparchi nella provincia di North Chungcheong ed è previsto avviarsi nel 2025. Il finanziamento del progetto, guidato dalla Korea Development Bank, rappresenta il più grande finanziamento per celle a combustibile mai realizzato in Corea del Sud. Bloom Energy fornirà le SOFC e gestirà la manutenzione dell'attrezzatura. L'azienda ha attualmente 1,3 GW installati in tutto il mondo.
Bloom Energy (NYSE: BE) ha anunciado un proyecto histórico de 80 MW de celdas de combustible de óxido sólido (SOFC) en Corea del Sur, marcando la mayor instalación de celdas de combustible en un solo sitio en la historia. El proyecto, desarrollado junto con SK Eternix, suministrará energía a dos ecoparques en la provincia de North Chungcheong y se espera que comience a operar en 2025. El financiamiento del proyecto, liderado por el Korea Development Bank, representa el mayor financiamiento de celdas de combustible en Corea del Sur hasta la fecha. Bloom Energy suministrará las SOFC y gestionará el mantenimiento del equipo. La compañía tiene actualmente 1.3 GW desplegados en todo el mundo.
블룸 에너지 (NYSE: BE)는 한국에서 80MW의 고체 산화물 연료 전지(SOFC) 프로젝트를 발표하며 역사상 단일 사이트에서 가장 큰 연료 전지 설치를 기록했습니다. 이 프로젝트는 SK Eternix와 함께 개발되어 노천청도 지역의 두 개의 에코파크에 전력을 공급할 예정이며, 2025년부터 운영을 시작할 것으로 예상됩니다. 이 프로젝트의 자금 조달은 한국 개발 은행이 주도하며 현재까지 한국에서 가장 큰 연료 전지 자금 조달을 나타냅니다. 블룸 에너지는 SOFC를 공급하고 장비 유지 관리를 관리할 것입니다. 이 회사는 현재 전 세계에 1.3GW를 배치하고 있습니다.
Bloom Energy (NYSE: BE) a annoncé un projet historique de 80 MW de piles à hydrogène à oxyde solide (SOFC) en Corée du Sud, marquant la plus grande installation de piles à hydrogène sur un seul site dans l'histoire. Le projet, développé avec SK Eternix, alimentera deux écoparcs dans la province de North Chungcheong et devrait commencer ses opérations en 2025. Le financement du projet, dirigé par la Korea Development Bank, représente le plus grand financement de piles à hydrogène à ce jour en Corée du Sud. Bloom Energy fournira les SOFC et gérera l'entretien de l'équipement. L'entreprise compte actuellement 1,3 GW déployés dans le monde entier.
Bloom Energy (NYSE: BE) hat ein historisches Projekt mit 80 MW Festoxid-Brennstoffzellen (SOFC) in Südkorea angekündigt, das die größte Installation von Brennstoffzellen an einem einzigen Standort in der Geschichte darstellt. Das Projekt, das in Zusammenarbeit mit SK Eternix entwickelt wurde, wird zwei Ökoparks in der Provinz North Chungcheong mit Energie versorgen und soll 2025 in Betrieb gehen. Die Projektfinanzierung, die von der Korea Development Bank geleitet wird, stellt die bisher größte Finanzierung von Brennstoffzellen in Südkorea dar. Bloom Energy wird die SOFCs liefern und die Wartung der Ausrüstung übernehmen. Das Unternehmen hat derzeit weltweit 1,3 GW installiert.
- Secured largest single-site fuel cell installation contract (80 MW) in history
- Obtained major project financing from Korea Development Bank
- Expanding international presence in South Korean market
- Partnership with established distributor SK Eternix strengthens market position
- None.
Insights
This 80 MW SOFC project represents a significant milestone for Bloom Energy, marking the largest fuel cell installation in history. The project's scale demonstrates commercial viability at utility level, a important proof point for the technology. The partnership with SK Eternix and project financing from Korea Development Bank validates market confidence in Bloom's technology.
The deal structure is particularly noteworthy - Bloom will supply SOFCs and manage maintenance, creating a recurring revenue stream. South Korea's commitment to fuel cell technology, backed by strong government support and financing, positions this as a potential catalyst for similar large-scale projects in the region. With 1.3 GW already deployed worldwide, this additional 80 MW project meaningfully expands Bloom's installed base and strengthens their market position in Asia.
The project financing led by Korea Development Bank is particularly significant as it represents the largest fuel cell financing in South Korean history. This breakthrough deal structure could serve as a template for future large-scale fuel cell projects globally. The involvement of a major state-backed financial institution reduces project risk and validates the commercial viability of utility-scale fuel cell deployments.
The maintenance agreement component ensures stable, long-term revenue streams for Bloom Energy beyond the initial equipment sale. This recurring revenue model, combined with the project's scale, should positively impact Bloom's financial metrics and demonstrate the bankability of large SOFC installations to other potential financiers.
80 MW SOFC project demonstrates Bloom’s ability to operate at large scale and the company’s transformative role in the worldwide energy transition
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
“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
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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Media
Bloom Energy – Katja Gagen (press@bloomenergy.com)
Investors
Bloom Energy - Michael Tierney (investor@bloomenergy.com)
Source: Bloom Energy
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