South Korea’s SK ecoplant and San Jose, California-based energy company Bloom Energy Tuesday announced the expansion of their existing partnership to fortify market leadership in fuel cell power generation and to advance into hydrogen economy.

The two companies signed five agreements including the Commercial Collaboration Agreement to cement their strategic collaboration during a virtual signing ceremony attended by SK ecoplant CEO Park Kyung-iI and Bloom Energy CEO KR Sridhar on Sunday.

Under the renewed partnership agreement, SK ecoplant will be able to accelerate localization of solid oxide fuel cell (SOFC) technology. SK ecoplant started SOFC production at its joint venture plant Bloom SK Fuel Cell in Korea late last year. Their production capacity goal is 50MW this year and more than 200MW from 2023.

The two agreed to strengthen their strategic alliance through expanding business cooperation in global markets, which include exclusive distribution rights regarding fuel cell, solid oxide electrolyzer cell (SOEC) and EPC projects in select new markets. They also agreed to create Hydrogen Innovation Centers in the U.S. and South Korea to speed up the global market expansion for Bloom Energy’s hydrogen fuel cell and hydrogen electrolyzer products.

Another agreement allows SK ecoplant to invest $255 million in Bloom Energy by acquiring Bloom Energy shares. Bloom Energy intends to use the proceeds for developing next-generation SOFC and SOEC technology and expanding production facilities.

By Pulse

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