Bloom Energy (BE) stock fluctuated after announcing it successfully deployed 100 kilowatts of solid-oxide fuel cells (SOFC) powered by hydrogen in Ulsan, Korea.
Seeing the massive boon the hydrogen economy appears to be offering, Bloom Energy announced last summer it was going to enter the hydrogen market.
Now, with its partner SK Engineering and Construction (SK E&C), it has done just that. Shares of the company were trading higher 0.17% to $27.66 a share on Wednesday afternoon.
This deployment marks a significant milestone not only for Bloom, but for the future of hydrogen-based power generation,” said KR Sridhar, founder, chairman and CEO of Bloom Energy.
“While Bloom’s hydrogen story started more than two decades ago, it’s now the right market timing to introduce hydrogen-powered solutions and help countries meet their net-zero emissions goals. 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.”
With the successful deployment of this project now in the rear view, Bloom Energy will partner with SK E&C to develop a 1-megawatt hydrogen-powered Energy Server installation by 2022. Moreover, Bloom Energy’s hydrogen SOFCs will support South Korea’s Changwon RE100 initiative and other projects. (InverstorObserver)