Bloom Energy Reveals Strategy to Enter Commercial Hydrogen Market

Today, Bloom Energy (NYSE: BE), a leader in fuel cell solutions, revealed aspirations to diversify beyond its core business and enter the commercial hydrogen market. Partnering with SK Engineering and Construction (SK E&C), Bloom Energy aims to produce hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen in South Korea. Before the end of the year, Bloom Energy expects to deliver a 100 kilowatt pilot Server to SK E&C, which the company will then use to power one of its facilities beginning in early 2021. Afterwards, the two companies expect to install a 1 megawatt hydrogen Server installation in 2022.

Addressing the company's new venture, KR Sridhar, Bloom Energy's founder, chairman, and CEO, said, "This expansion of our product offering enables zero-carbon electricity and transportation solutions. 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."

Image source: Getty Images.

Source Fool.com