SUNNYVALE, Calif., (November 19, 2018) – SK Group and Bloom Energy Corporation (NYSE: BE) today announced a strategic agreement by which SK Engineering and Construction (SK E&C) will become a distributor of Bloom Energy Server solid oxide fuel cell systems in South Korea.
South Korea is a world leader in the deployment of fuel cells for utility-scale electric power generation with approximately 300 megawatts deployed. The country’s Ministry of Trade, Industry and Energy (MOTIE) 8th Electricity Supply Demand Plan has called for a further expansion of these deployments to approximately 600MW by 2022.
The partnership between Bloom Energy and SK E&C brings together the global leader in stationary fuel cells with South Korea’s leading engineering and construction company, supported by the broad resources and capabilities of the SK Group, one of the largest conglomerates in South Korea.
Bloom Energy’s fuel cell technology delivers clean, highly reliable, resilient, ‘Always-On’ electric power with low CO2 emissions and virtually no criteria air pollutants.
The elimination of criteria air pollutants (‘micro-dust’) that cause smog and respiratory diseases is a significant priority for South Korea. According to the Organization for Economic Cooperation and Development the country has the worst air quality among the 35 developed economies. South Korea’s dependence on coal power contributes to its air quality challenges. Coal power accounted for 45.3% of the country’s power consumption in 2017 according to MOTIE.
Bloom Energy Servers feature the highest delivered electrical efficiency of any commercial electric power generation system, leading to lower fuel consumption per kilowatt-hour of electricity generated. Fuel efficiency is also important in Korea, given the country has no domestic natural gas resources and high natural gas prices. South Korea is the world’s third largest liquid natural gas (LNG) importer.
This strategic partnership between Bloom Energy and SK E&C formalizes a close working relationship that has been in effect since 2017 when the two companies came together to bid successfully for South Korea’s first solid oxide fuel cell installation.
The 8.35 MW Bloom Energy Server solution for a Korean utility south of Seoul is complete and will begin commercial operations later in 2018. The project utilizes a highly innovative ‘Power Tower’ design, and is believed to be the world’s most energy-dense power plant, generating one megawatt for every 787 square feet.
“The global power generation market is moving drastically from centralized generation to decentralized generation and towards environmentally friendly technologies. Accordingly, SK E&C is developing the fuel cell business with a long term vision to transform from an EPC contractor of large power plants into a distributed energy resource utility,” said SK Engineering and Construction, President and CEO Jaehyun Ahn. “I have no doubt that we will achieve success in the quickly growing Korean market, and truly hope that such cooperation will continue in the global market, including the Asia Pacific region.”
“The leadership of SK Group shares our passionate belief that bringing clean and reliable electric power to people of South Korea can be good for business as well as for the environment,” said Bloom Energy Founder, Chairman and CEO KR Sridhar. “SK Group’s vision, leadership and technical capabilities combined with Bloom Energy’s world-leading technology will make for a powerful partnership.“
“Together, Bloom Energy and SK form a powerful team, bringing the best of Korean and American Innovation together to deliver a powerful new approach to meeting the energy needs of Korea, and one that will benefit its environment, economy and society for generations to come,” said Bloom Energy Board Member General Colin Powell.
###
About SK E&C
SK E&C has been pursuing sustainable growth and stability, along with its consistent efforts to achieve the happiness of humanity and a better world, and gained a good reputation for its excellent technologies and construction capability in the various industries, such as power plants, civil infrastructure, architecture, and housing. With its globally known capabilities and experiences, SK E&C has been expanding a new business model throughout the world, and the fuel cell business is an essential part of its strategy. For more information, visit http://www.skec.com/asp/en/
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable, and affordable energy for everyone in the world. The Company’s product, the Bloom Energy Server, is capable of delivering highly reliable, uninterrupted, 24×7 constant electric power that is clean and sustainable. Bloom’s customers include twenty-five of the Fortune 100 companies and leaders in manufacturing, high-tech, healthcare, retail and other industries. For more information, visit www.bloomenergy.com.
Media Relations Contact:
David McCulloch
Bloom Energy
T: 925.487.2866
David.McCulloch@bloomenergy.com
Investor Relations Contact:
Mark Mesler
Bloom Energy
+1 (408) 543-1743
Mark.Mesler@bloomenergy.com