SK Ecoplant invests in Bloom Energy to advance hydrogen economy

By Global Infrastructure Sherpa · Apr 4, 2024

Investment Hydrogen, Fuel Cells announced United States Apr 4, 2024

USD380M

Deal Value

500 MW

Capacity

SK Ecoplant is investing $380 million in Bloom Energy to accelerate the deployment of Bloom Energy's hydrogen-powered fuel cells and electrolyzers. The investment aims to strengthen the partnership between the two companies in the hydrogen economy.

Source Intelligence

KEY DETAILS

SK ecoplant has the option to acquire an additional 11 million shares minimum from Bloom Energy’s Class A common stock at a 15% premium to the prevailing stock price at that time. However, the option to acquire additional shares must not exceed the timeline of 30 November 2023 and will be subject to a maximum ownership of 15%. Upon acquiring the additional stake, a member of SK ecoplant will join Bloom Energy Board of Directors.

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Deal Size

The partnership also includes an equity investment of $500m in Bloom Energy by SK ecoplant

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Capacity

SK ecoplant will purchase 500MW of power from Bloom Energy.

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Location

South Korean company SK Group’s affiliate SK ecoplant has expanded its partnership with US-based Bloom Energy

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PPA Details

SK ecoplant will purchase 500MW of power over the next three years, which represents a revenue commitment of $4.5bn.

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Financials

SK ecoplant’s investment includes $255m for acquiring Bloom Energy’s ten million shares of zero-coupon, non-voting redeemable convertible preferred stock at a share price of $25.50 each.

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Expected Close

SK ecoplant’s investment in Bloom Energy is subject to regulatory approvals and customary closing conditions and is slated for completion within 45 days.

PARTIES MENTIONED IN SOURCE

SK ecoplant investor

"SK ecoplant expands partnership with Bloom Energy in US"

Bloom Energy seller

"SK ecoplant expands partnership with Bloom Energy in US"

high quality Enriched Feb 19, 2026