Please ensure Javascript is enabled for purposes of website accessibility

Breaking New Ground, Bloom Energy Deploys Hydrogen-Powered Fuel Cells

By Scott Levine - Apr 27, 2021 at 7:36PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

This fuel cell specialist makes headway in its hydrogen development plan.

Recognizing the potential boon that the hydrogen economy seems to be offering, Bloom Energy (BE 2.30%) announced last summer its plan to enter the commercial hydrogen market. An important first step in powering that strategy was the development of a pilot project, which the company has now successfully brought to fruition.

Bloom Energy announced today that with its partner, SK Engineering and Construction (SK E&C), it has completed the deployment in Ulsan, South Korea, of 100 kilowatts of solid-oxide fuel cells (SOFC) that are powered only by hydrogen. Whereas Bloom Energy has been pioneering fuel cell solutions for years, it had previous relied on natural gas and biogas to power its fuel cells.

The project marks an important new chapter in the company's history. Speaking about the installation, KR Sridhar, Bloom Energy's CEO, said, "This deployment marks a significant milestone not only for Bloom, but for the future of hydrogen-based power generation."

Sridhar added: "We're proud of our partnership with SK E&C. Together, we are well-positioned to play an important role in the global hydrogen economy."

A map of South Korea.

Image source: Getty Images.

With the deployment of this pilot project now complete, Bloom Energy will partner with SK E&C to develop a 1-megawatt hydrogen-powered Energy Server installation by 2022. Gaining traction regarding commercial hydrogen in South Korea may prove to be valuable for Bloom Energy, considering the country's emphasis on developing a hydrogen economy. For example, South Korea is targeting the procurement of 15 gigawatts of power from fuel cells by 2040.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Bloom Energy Corporation Stock Quote
Bloom Energy Corporation
$16.88 (2.30%) $0.38

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 07/03/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.