Two new megawatt installations of Bloom Energy
Servers to build new utility-scale, clean energy facilities in the
country’s northwestern Gyeonggi province
Bloom Energy (NYSE: BE) and SK Engineering and Construction (SK
E&C) today announced they have powered on two new clean energy
facilities with fuel cell technology in the Gyeonggi province of
South Korea. Located respectively in the cities of Hwasung and
Paju, these new installations use Bloom Energy’s non-combustion,
electrochemical process to produce electricity with lower and
predictable energy costs and enhanced reliability – all while
reducing carbon emissions.
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Bloom Energy and SK Engineering and
Construction have powered on two new clean energy facilities with
fuel cell technology in South Korea, providing power for nearly
61,000 households. (Photo: Business Wire)
The first power plant, located in the historic city of Hwasung,
boasts a 19.8-megawatt fuel cell deployment of Bloom Energy Servers
– the largest Bloom Energy project in South Korea to date and the
company’s second largest in the world. This deployment marks the
first-ever solid oxide fuel cell project financed in Korea, with
over 141 billion KRW of debt and equity financing. The solid oxide
fuel cell installment provides a new source of electricity to meet
growing energy demand. This facility alone is designed to generate
enough electricity to power approximately 43,000 homes in the
area.
Located in the city of Paju, the second plant consists of an 8.1
megawatt fuel cell deployment of Bloom Energy Servers designed to
power nearly 18,000 homes in the area. Furthermore, the new plant
not only generates clean and reliable energy for the city, it also
supplies its residents in rural areas with natural gas via new city
pipelines for the first time.
South Korea is a leader and global champion of fuel cell
technology for utility-scale power generation. By latest estimates,
its six power generation companies have deployed approximately 300
megawatts of fuel cell power to date.
This is just the beginning. South Korea has introduced several
initiatives to increase power generation from renewable and new
technologies. The government released a Hydrogen Economy Roadmap in
2019 calling for 15,000 megawatts of stationary fuel cells by 2040.
And, South Korea’s Renewable Portfolio Standard incentivizes
generation companies to increase renewable and new technology
derived power to 10 percent by 2023. These energy initiatives don’t
simply promote energy innovation, but also cleaner solutions and
the reduction of greenhouse gas emissions.
Solid oxide fuel cell servers, unlike other fuel cell power
generators, reuse the heat they produce and do not need a heat
requirement to be efficient or cost-effective, making them an
option for more power users. Bloom Energy Servers have one of the
highest electrical efficiency of any commercially available
electric power generation system in the world, resulting in low
fuel consumption – a valuable feature in a country that imports all
of its gas. Additionally, the terrain and population density of
South Korea make small footprint and modularly designed Bloom
Energy Servers a practical energy solution for the country.
“South Korea is clearly on the leading-edge of our world’s
energy future,” said KR Sridhar, founder, chairman and CEO of Bloom
Energy. “And, this utility-scale deployment of fuel cells is a
powerful proof point of its ambitious energy plan. Bloom Energy is
proud to support this visionary effort to make clean, reliable,
resilient, and adaptable power generation.”
“We must all be thinking about how to provide the energy needed
today while also contributing to the betterment of our air and
environment,” explained Jason Ahn, President and CEO of SK E&C.
“Embracing technology advancements, like those from Bloom Energy,
addresses energy needs and benefits to the environment and
society.”
South Korea was one of the first countries heavily impacted by
the COVID-19 pandemic; however, the country was successful in
keeping business running, and the 19.8-megawatt installation was
able to be constructed and completed during the pandemic.
In July 2020, Bloom announced plans to enter the commercial
hydrogen market by introducing hydrogen-powered fuel cells and
electrolyzers that produce renewable hydrogen. These products will
be first introduced to the South Korean market in 2021 through an
expanded partnership with SK E&C.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy
affordable for everyone in the world. The company’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’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.
Bloom Energy and the Bloom Energy logo are registered trademarks
of Bloom Energy Corporation.
Forward-Looking Statements under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the federal securities laws that involve risks and
uncertainties. Words such as “anticipates,” “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 statements regarding t plans to enter the commercial
hydrogen market by introducing hydrogen-powered fuel cells and
electrolyzers that produce renewable hydrogen; plans to introduce
these types of products into the South Korean market in 2021. 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
and other sections of Bloom’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2020 and other risks detailed in Bloom’s SEC
filings from time to time. Bloom undertakes no obligation to revise
or publicly update any forward-looking statements unless if and as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200902005860/en/
Media Relations Jennifer Duffourg Bloom Energy T:
480.341.5464 Jennifer.Duffourg@bloomenergy.com
Investor Relations Mark Mesler Bloom Energy T: 408.543.1743
Mark.Mesler@bloomenergy.com
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