Bloom Energy Corp. surged the most in 15 months after the maker of hydrogen fuel cells agreed to provide $4.5 billion of equipment and services to the South Korean conglomerate SK Group.
Bloom gained as much as 35% to $27.29 Monday, the most intraday since July 2020.
SK’s Eco plant unit will buy at least 500 megawatts of Bloom’s systems and is planning an equity investment of about $500 million, San Jose-based Bloom said Monday in a statement. The move expands on a partnership that dates back three years, and the deliveries over three years represent a $4.5 billion revenue commitment. Bloom reported $794 million in revenue for 2020.
Companies and governments around the globe are seeking to boost the use of hydrogen as a replacement for fossil fuels in power plants, vehicles and elsewhere. While most hydrogen is produced from natural gas, it can also be generated from water through electrolysis powered by renewable energy. When burned, it produces no greenhouse gases.
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