Bloom Energy Stock Soars on New Hydrogen Fuel Cells

Bloom Energy says that in 2021 it will introduce hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen.
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Bloom Energy  (BE) - Get Report shares were higher after the alternative-energy company said it will be introducing hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen.

Shares of the San Jose, Calif., company at last check were 37% higher at $17.95.

Bloom Energy said in a statement that the fuel cells will be first introduced in South Korea in 2021 through an expanded partnership with SK Engineering and Construction, an affiliate of SK Group.

Bloom said its current partnership with SK E&C has already sold 120 megawatts of fuel cells in South Korea, generating more than $1 billion in equipment and future services revenue for the company.

In June 2019, Bloom Energy said its fuel cells could run on hydrogen to generate zero-carbon electricity. 

By the end of 2020, Bloom expects to ship a 100-kilowatt pilot server to South Korea to power an SK E&C facility in early 2021. 

The second phase, a 1 MW hydrogen server installation, is scheduled for deployment in 2022.

Bloom Energy says its core technology is based on its founders' research into using electricity generated by solar panels to produce fuel and oxygen on Mars for NASA.

"This expansion of our product offering enables zero-carbon electricity and transportation solutions," KR Sridhar, founder, chairman, and chief executive of Bloom Energy, said in a statement.

"Innovation and execution are fundamental tenets of our business and we are excited about the opportunity to advance the hydrogen economy with our longtime partner, SK E&C."