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- Bloom Energy Corp (NYSE:BE) and SK ecoplant, an affiliate of South Korean conglomerate SK Group, expand their existing partnership to strengthen their position in the hydrogen and power generation markets.
- Under the partnership, SK ecoplant targets approximately $500 million equity investment in Bloom Energy. SK ecoplant will add a member to the Bloom Energy Board.
- SK ecoplant will invest $255 million in Bloom Energy by acquiring 10 million shares of zero-coupon, non-voting redeemable convertible preferred stock at $25.50 per share.
- SK ecoplant has the option to acquire a minimum of an additional 11 million shares of Class A common stock at a 15% premium to the prevailing stock price at the time.
- The arrangement also includes purchasing a minimum of 500 megawatts from Bloom Energy, representing a $4.5 billion revenue commitment, and co-creating two hydrogen innovation centers.
- The companies will expand this existing business with contracts for at least an additional 500 MW of power between 2022 and 2025, representing ~$4.5 billion in equipment and future service revenue.
- The companies have agreed to create Hydrogen Innovation Centers in the U.S. and South Korea to advance the commercialization of green hydrogen.
- Bloom Energy intends to use the proceeds for market growth, rapid commercialization of hydrogen solutions, and general corporate purposes.
- Price Action: BE shares are trading higher by 35.7% at $27.4 on the last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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