What happened
The overall market is moving higher today, and shares of alternative energy names are generally among the outperformers. But clean-energy fuel cell maker Bloom Energy (BE +11.75%) also gave investors some news that likely contributed to its move. As of 2:50 p.m. EDT on Wednesday, Bloom shares were near their highs of the day, up more than 8%.
So what
Bloom Energy makes fuel-cell energy servers that provide a clean and reliable local energy source for its customers. Today the company announced a new partnership with South Korea's SK Ecoplant for Bloom's first combined heat and power (CHP) project. The proposed installation will have 4.2 megawatts of capacity, and will be South Korea's first utility-scale solid oxide fuel cell CHP project.
Bloom Energy servers on a grid. Image source: Bloom Energy.
Now what
The company said construction on the project will begin later this year. The CHP technology uses the electricity it generates as well as capturing and reusing thermal energy released in the process. Heat is usually released as power is generated, but this installation will use a heat recovery system designed by SK Ecoplant to provide heat and warm water for a nearby community recreational and sports complex. Bloom said this installation is just a beginning, and it will use the technology in all markets where the company currently operates and the needs are appropriate.
Last week, Bloom unveiled a new electrolyzer to produce clean hydrogen as the company continues to move further into hydrogen production. The two new recent products have investors reversing a trend that had moved the stock down about 24% since the start of July.
