South Korea is going all in on building out renewable energy infrastructure. And they are making fuel cell history in the process.
What’s happening:
- Bloom Energy (NYSE: BE) has announced they will deliver fuel cells to a new project which is the largest single-site fuel cell installation ever and is located in North Chungcheong Province, South Korea
Why it matters:
- The new project is being financed by the Korea Development Bank and represents the largest financing for a fuel cell project in the history of South Korea
By the numbers:
- The new fuel cell project in South Korea will be capable of generating 80 megawatts of power
- Currently, Bloom Energy produces approximately 1.3 gigawatts of energy globally
Going deeper:
- The North Chungcheong Province project will leverage Bloom Energy’s solid oxide fuel cell technology which is capable of generating electricity with incredibly high efficiency and can use multiple different types of fuels including natural gas, hydrogen and biogas
- Korean renewable energy giant ST Eternix is leading the development of the fuel cell installation, which builds upon their existing partnership as a existing distributor of Bloom Energy’s energy solutions throughout South Korea
The intrigue:
- Canada has also been making a larger concentrated push into fuel cell technology lately, previously awarding a multi million dollar grant to FuelCell Energy (NASDAQ: FCEL) for using fuel cells to produce low carbon synthetic diesel fuels
