Bloom Comments on Korea Fuel Cell Auction Results and Expected 2024 and 2025 Korea Volumes

Published 3 months ago via Business Wire

Bloom Energy Corporation (NYSE: BE)

In response to market commentary regarding the results of the recent Korea Hydrogen Portfolio Standard auction, Bloom expects shipment volumes to Korea to be similar in 2024 and the coming years to what they have been in recent years. As disclosed previously, we continue to expect our partner SK ecoplant Co., Ltd. to purchase 500MW of Bloom solid oxide fuel cells between January 1, 2024 and December 31, 2027.

Bloom is the proven leader in solid oxide fuel cell technology, having demonstrated 60% electrical efficiency using hydrogen, and 90% combined heat and power efficiency.

Bloom remains fully confident in our partners in Korea, and in the ability for Bloom fuel cells to be transformative to the Korean energy market. The public auction is just one mechanism for the sale of our energy servers into the Korean market. Our partners have other development projects in addition to those emanating from the auction.

“Korea is an important market for Bloom Energy,” said Aman Joshi, Bloom’s Chief Commercial Officer. “We fully anticipate that our partner SK will continue to perform well, supported by the superior solution that Bloom’s solid oxide fuel cells provide.”

Bloom’s superior technology ensures that we are now and will remain the leader in overall efficiency and total cost of ownership for fuel cell-based energy generation. We continue to be fully committed to the Korean market through our manufacturing joint venture and an expanding local supplier network. We are excited about our opportunities in the future alongside our partner SK.

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 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 .

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 expectations regarding shipment volumes to the Korean market and expected future purchases and performance by SK ecoplant. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, risks and uncertainties detailed in Bloom’s SEC filings. 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, 2023, and its Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, filed with the SEC on February 15, 2024, May 9, 2024, and August 8, 2024, respectively, as well as subsequent reports filed with or furnished to the SEC. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements.

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