- Bloom Energy Corp (NYSE:BE) and SK ecoplant, an affiliate of South Korean conglomerate SK Group, expand their existing partnership to strengthen their position in the hydrogen and power generation markets.
- Under the partnership, SK ecoplant targets approximately $500 million equity investment in Bloom Energy. SK ecoplant will add a member to the Bloom Energy Board.
- SK ecoplant will invest $255 million in Bloom Energy by acquiring 10 million shares of zero-coupon, non-voting redeemable convertible preferred stock at $25.50 per share.
- 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.
- The arrangement also includes purchasing a minimum of 500 megawatts from Bloom Energy, representing a $4.5 billion revenue commitment, and co-creating two hydrogen innovation centers.
- The companies will expand this existing business with contracts for at least an additional 500 MW of power between 2022 and 2025, representing ~$4.5 billion in equipment and future service revenue.
- The companies have agreed to create Hydrogen Innovation Centers in the U.S. and South Korea to advance the commercialization of green hydrogen.
- Bloom Energy intends to use the proceeds for market growth, rapid commercialization of hydrogen solutions, and general corporate purposes.
- Price Action: BE shares are trading higher by 35.7% at $27.4 on the last check Monday.
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