SK D&D, the real estate and renewable energy development arm of SK Group, the third largest conglomerate in Korea, and Bloom Energy Corporation (NYSE: BE) announced today a new distributorship agreement for the direct supply of Bloom Energy fuel cells for projects developed by SK D&D.
The agreement is Bloom Energy’s second distributorship with an SK Group company. Bloom Energy executed a distributorship agreement with SK E&C in November 2018 to serve the utility-scale fuel cell market in Korea. The D&D distributorship will serve projects self-developed by D&D and potential future C&I applications in Korea.
Both agreements are designed to meet growing demand in South Korea for clean electricity, particularly from fuel cells. South Korea has become a world leader in the deployment of fuel cells with approximately 300 megawatts deployed. The government has issued a Hydrogen Economy Roadmap calling for a further expansion of stationary fuel cells to 1,500 MW by 2022.
SK D&D develops and manages real estate properties in South Korea including housing, office buildings, and commercial facilities, including shopping malls and hotels. It is also involved in the development, procurement and construction of clean power resources.
“We are excited to further strengthen our partnership with SK Group, continuing to accelerate the deployment of fuel cells in South Korea,” said Bloom Energy Founder, Chairman and CEO KR Sridhar. “We share the same passion and vision to bring clean, reliable, always-on electric power to the Korean people.”
The Bloom Energy Server converts natural gas or biogas fuel into electricity without combustion, using solid oxide fuel cell technology. It delivers always-on 24/7 power in an extremely compact, energy-dense platform. Because it generate electricity via an electro-chemical reaction rather than combustion, the Bloom Energy Server generate virtually no smog-forming particulate emissions.
Bloom Energy Servers have the highest delivered electrical efficiency of any commercially available electric power generation system in the world, resulting in low fuel consumption. This particularly is important in Korea, since the country imports all of its natural gas, with resulting high fuel costs.
Source: SK D&D
Date: Feb 5, 2019