Bloom Energy and SK ecoplant Collaborate on a Major Hydrogen Project to be Developed by Korea Southern Power Co., Ltd

Bloom Energy (NYSE: BE) and SK ecoplant, an engineering and energy solutions provider and subsidiary of South Korean conglomerate SK Group, today announced a sale of Bloom’s electrolyzer technology to deploy hydrogen as an energy source in a large-scale green hydrogen demonstration with the Korea Southern Power Co., Ltd (KOSPO) and local government.

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Seong Jun Bae, VP, Energy Business, SK ecoplant, and Tim Schweikert, Head of Global Sales, Bloom Energy, shake hands on an agreement to deploy Bloom's solid oxide electrolyzer in the Jeju Island hydrogen demonstration. (Photo: Business Wire)

The first-of-its-kind demonstration for South Korea, which will commence in late 2025, includes 1.8 megawatts (MW) of Bloom’s industry-leading Solid Oxide Electrolyzer (SOEC) technology to develop green hydrogen at scale for use as transport fuel on Jeju Island, South Korea. Jeju Island is known as a leading market for renewable energy projects.

“The extension of our partnership with SK ecoplant to include this deployment of Bloom’s SOEC is a logical step to show the superior efficiency of our electrolyzers compared to other technologies in the important South Korean market,” said KR Sridhar, founder and chairman, CEO of Bloom Energy, Inc. “South Korea has been a leader in policies enabling clean hydrogen, and the efficiency and flexibility of Bloom’s SOEC will demonstrate our commitment to the lowest cost green hydrogen for South Korea.”

SK and Bloom have a strategic relationship on a number of projects in South Korea. For this project, SK and Bloom will combine the Bloom Electrolyzer™ with SK’s engineered infrastructure to produce hydrogen ready to be used as transport fuel.

“The results of this demonstration project will be crucial for SK to advance in the electrolysis market and pursue green hydrogen development projects domestically and internationally using Bloom's Solid Oxide Electrolyzer Cell (SOEC),” said Kyung-il Park, CEO of SK ecoplant. “This participation exemplifies a strategic collaboration between SK and Bloom, expanding the scope of cooperation from power generation (fuel cell) to global green hydrogen development projects, further strengthening the strategic partnership between the two companies."

The demonstration includes a consortium of companies and technologies. The Bloom Electrolyzer was chosen for its industry-leading high electrical efficiency, enabling KOSPO and the collaborators to achieve the highest efficiency results.

Jeju Island’s “Carbon Free Island 2030” project aims to fully convert all vehicles and electricity generation to renewables by 2030. Hydrogen generated from this project will be used to advance that goal, demonstrating an alternative way to provide renewable and sustainable energy by helping supply green hydrogen to hydrogen refueling stations to power public vehicles.

Using geographic characteristics of Jeju, known for its wind power and abundant natural resources, the consortium is undertaking to build and operate the nation’s largest 12.5MW-scale hydrogen production facilities, including other electrolyzer technologies. The consortium aims to produce green hydrogen, secure economic viability in distribution, and establish a foundation for commercialization.

Launched in 2018, the strategic partnership between Bloom Energy and SK ecoplant has strengthened their respective market leadership positions in power generation and the global hydrogen economy. SK ecoplant will be a preferred distributor globally for Bloom Energy solid oxide fuel cells (SOFC) and SOEC in markets where SK ecoplant has a significant presence and competitive advantage. Bloom Energy and SK ecoplant have deployed 400 MW since the beginning of the partnership.

For more information about Bloom Energy’s platform and the company’s commitment to a zero-carbon future, see: https://www.bloomenergy.com/technology/

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, expectations for a successful demonstration between the companies; expected hydrogen produced during the project; the expected use of the hydrogen as fuel for transport; the scope and terms of the proposed partnership, and the ability of the companies to fortify their market leadership positions. 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, 2022, filed with the SEC on February 21, 2023 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, as filed with the SEC on May 9, 2023, August 3, 2023, and November 8, 2023, respectively, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements.

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 ecoplant

SK ecoplant is the environment and energy arm of SK Group and is leading the group’s future ESG business as a global environmental and energy company. By integrating AI and digital transformation into its entire value chain of the environmental business, SK ecoplant is upgrading its business and accelerating the expansion of its operation to the global market from its global operation base in Southeast Asia.

It has grown rapidly in the waste battery recycling sector and renewable energy sectors, including hydrogen, fuel cells, offshore wind power and photovoltaic power. It is also committed to ESG-oriented management for sustainable growth, leading the efforts to solve global environmental and energy issues and achieve a circular economy for zero waste and net zero.

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