Bloom Energy and SK ecoplant will collaborate on establishing a market leadership in the hydrogen economy with hydrogen innovation centres set to appear across the US and South Korea.
Unveiled today (Oct 25), the partnership includes purchasing a minimum of 500MW from Bloom Energy, representing a $4.5bn revenue commitment whilst also collaborating to create two hydrogen innovation centres.
The intent of these innovation centres is to significantly accelerate the global market expansion for Bloom Energy’s hydrogen fuel cell and electrolyser products.
It is recognised as a commitment by both companies to reduce the carbon footprint and create a greener world.
Subject to the deal, over the next three years the companies will expand the existing business with contracts for at least an additional 500MW of power between 2022 and 2025, representing approximately $4.5 billion in equipment and future service revenue.
Kyung-II Park, CEO of SK ecoplant, said, “Bloom Energy is SK ecoplant’s largest strategic partner in clean energy.
“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 electrolysers, 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.”KR Sridhar, founder, Chairman, and CEO of Bloom Energy, said, “From the start of our relationship with SK ecoplant, we have recognised that working together will accelerate our growth and enable SK to become a leader in clean energy and infrastructure solutions.
“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.”