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SAN JOSE, Calif.--(BUSINESS WIRE)--Nov 14, 2024--
Bloom Energy (NYSE:BE), the world leader in stationary fuel cell power generation, announced that it has signed a supply agreement with American Electric Power (AEP) for up to 1 gigawatt (GW) of its products, the largest commercial procurement of fuel cells in the world to date. As part of this agreement, AEP has placed an order for 100 megawatts (MW) of fuel cells with further expansion orders expected in 2025.
The agreement expands Bloom’s previous work with AEP to deploy solid oxide fuel cells (SOFCs) in commercial and industrial settings. Bloom Energy’s fuel cell solutions can be rapidly deployed and offer very high availability – a combination of attributes that are not offered by any other commercial solution. Bloom fuel cell deployments have very high-power density, 100 MW per acre. The initial installation of Bloom’s fuel cells will help meet the immediate power of AI data centers.
“I am delighted that there is strong market recognition that the Bloom Energy platform is the ideal choice for powering AI data centers. We are thrilled to be working with AEP as they lead the charge to bring innovative solutions to the transforming electricity market,” said KR Sridhar, Founder, Chairman, and CEO of Bloom Energy. “With our proven track record of more than 1.3 GW deployed, and a fully functional factory that can deliver GWs of products per year, we are ready and able to meet this rapid electricity demand growth.”
The solution will provide power with 34% lower CO2 emissions than today’s displaced marginal generation resources in PJM Interconnection. When running on natural gas, the solution also virtually eliminates SOx and NOx emissions. Bloom’s fuel cells can run on 100% hydrogen or any blend thereof with natural gas, providing flexibility to continue lowering its carbon footprint in the future.
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.
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 further orders in 2025 above the initial 100 MW order and expected reductions in CO2 emissions. 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 Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024, filed with the SEC on February 15, 2024, May 9, 2024, August 8, 2024, and November 7, 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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CONTACT: Media
Bloom Energy – Katja Gagen (press@bloomenergy.com)Investors
Bloom Energy - Michael Tierney (investor@bloomenergy.com)
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: ENVIRONMENT UTILITIES SUSTAINABILITY ALTERNATIVE ENERGY GREEN TECHNOLOGY ENERGY
SOURCE: Bloom Energy
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PUB: 11/14/2024 06:10 PM/DISC: 11/14/2024 06:09 PM
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