Today, Bloom Energy (NYSE:BE), a leader in fuel cell solutions, revealed aspirations to diversify beyond its core business and enter the commercial hydrogen market. Partnering with SK Engineering and Construction (SK E&C), Bloom Energy aims to produce hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen in South Korea. Before the end of the year, Bloom Energy expects to deliver a 100 kilowatt pilot Server to SK E&C, which the company will then use to power one of its facilities beginning in early 2021. Afterwards, the two companies expect to install a 1 megawatt hydrogen Server installation in 2022.
Addressing the company's new venture, KR Sridhar, Bloom Energy's founder, chairman, and CEO, said, "This expansion of our product offering enables zero-carbon electricity and transportation solutions. Innovation and execution are fundamental tenets of our business and we are excited about the opportunity to advance the hydrogen economy with our longtime partner, SK E&C."
Image source: Getty Images.
South Korea has demonstrated a notable commitment to the incorporation of hydrogen into its energy landscape. South Korea aims to generate 15 gigawatts of power from fuel cells by 2040, based on its Hydrogen Economy Roadmap revealed in January 2019. Moreover, Bloom Energy has built a lucrative relationship with SK E&C over the past three years -- a period during which the company has generated more than $1 billion in equipment and future services revenue.
Bloom Energy isn't the only fuel cell company expressing interest in hydrogen generation. In June, Plug Power (NASDAQ:PLUG) completed two acquisitions, which the company believes will improve its "position in the hydrogen industry with capabilities in generation, liquefaction and distribution of hydrogen fuel complementing its industry-leading position in the design, construction, and operation of customer-facing hydrogen fueling stations."
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