Bloom Energy (BE) Joins Forces to Bring Hydrogen Power to UK Bloom Energy (BE) collaborates with Conrad Energy and ENWCML to deliver clean energy in the UK. BE's solid oxide power generation platform will aid in generating useful power.
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Bloom Energy BE, Conrad Energy and Electricity North West (Construction and Maintenance) Limited (ENWCML) collaborate to develop, construct and operate behind-the-meter (BtM) projects for Bloom Energy's solid oxide power generation platform to enter the UK market. It will be fully financed by Conrad Energy while ENWCML will lead the installation and offer the BtM solution to its commercial and industrial customers.
The orders are likely to pour in this month and the technology will be offered to customers under a power purchase agreement (PPA) structure, omitting upfront capital costs and providing cost predictability. The Servers have the ability to support microgrid configurations, ensuring continuity of operations for mission-critical loads with continuous inverter-based power. This deal will help ENWCML reduce carbon emissions, prepare for the hydrogen economy and aid the customers in achieving energy cost security.
Bloom Energy's fuel-flexible, non-combustion Energy Servers curb carbon emissions, air pollutants and water usage. It uses hydrogen or biogas, which is simple, modular and flexible design.This collaboration will help the UK achieve its net-zero carbon emission goals by 2050, including a hydrogen strategy that aims at five gigawatts of low carbon hydrogen production capacity by 2030.
Prior to this, in September, Bloom Energy announced that its Hydrogen Energy Servers —100% hydrogen-powered fuel cells —will be available for commercial usage to customers. These fuel cell modules will be able to supply carbon-free electricity on the premises of customers and the commercial shipment of the same will start from 2022.
Net-Zero Emission Goals
Across the globe, more and more countries are currently pledging to attain net-zero emission by 2050. More than 30 countries worldwide have hydrogen-specific strategies. Hydrogen can act as a key clean source of fuel and lower emission levels.Given the huge potential in lowering emissions, companies like FuelCell Energy Inc. FCEL, Plug Power Inc. PLUG and Ballard Power Systems Inc. BLDP are also making similar efforts.
In March, FuelCell Energyjoined Hydrogen Europe to advance and accelerate the hydrogen economy, significantly. At present, FCEL carries a Zacks Rank#3 (Hold).
In November, Plug Power Inc. and ACCIONA Energía finalized the formation of their previously announced 50-50 joint-venture to develop, operate and maintain green hydrogen projects throughout Spain and Portugal. At present, PLUG carries a Zacks Rankof 3.
In November, Ballard Power Systems launched a three-year project through collaboration with Caterpillar Inc. and Microsoft to demonstrate a power system, including large-format hydrogen fuel cells to produce reliable and sustainable backup power for data centers. Currently, BLDP holds the same Zacks Rank as BE.
Price Performance
Shares of Bloom Energy have gained 13.3%, outperforming the industry's rally of 11.2% in the past 12 months.
One Year Price Performance
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Zacks Rank
Bloom Energy currently has a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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