Shares of the San Jose, Calif.-based company ended up $7.50, or 37%, at $27.69.
The deal includes purchasing a minimum of 500 megawatts from Bloom Energy, $4.5 billion revenue commitment; co-creating two hydrogen innovation centers; and an equity investment of about $500 million, the companies said in a statement.
Bloom Energy and SK ecoplant entered into a strategic partnership three years ago and have transacted nearly 200 MW of projects totaling more than $1.8 billion of equipment and expected service revenue.
Over the next three years the companies said they will expand the existing business with contracts for at least an additional 500 MW of power between 2022 and 2025, representing about $4.5 billion in equipment and future service revenue.
Bloom Energy and SK ecoplant agreed to create Hydrogen Innovation Centers in the United States and South Korea.
SK ecoplant will also invest $255 million in Bloom Energy by acquiring 10 million shares of zero coupon, non-voting redeemable convertible preferred stock at a price of $25.50 a share, the companies said in a statement.
SK ecoplant has the option to acquire a minimum of an additional 11 million shares of Class A common stock at a 15% premium to the prevailing stock price at the time.
Upon completion of SK ecoplant’s purchase of its second tranche, SK ecoplant will add a member to Bloom's board.
Centerview Partners LLC is serving as financial adviser to Bloom Energy.