Synopsis
Bloom Energy (NYSE: BE) and SK ecoplant, a subsidiary of SK Group, join forces for a breakthrough hydrogen project in partnership with Korea Southern Power Co., Ltd. The collaboration aims to employ Bloom's solid oxide electrolyzer technology to generate green hydrogen for transport fuel on Jeju Island, South Korea, an initiative pivotal for the island's transition to renewable energy.
Article
Bloom Energy, a renowned player in the energy sector (NYSE: BE), and SK ecoplant, a subsidiary of the SK Group, have unveiled an ambitious joint venture geared toward a pioneering hydrogen project. This innovative partnership, in collaboration with Korea Southern Power Co., Ltd (KOSPO) and local authorities, focuses on deploying Bloom's cutting-edge Solid Oxide Electrolyzer (SOEC) technology for a large-scale green hydrogen demonstration on Jeju Island, South Korea.
Scheduled to commence in late 2025, this pioneering project marks a significant step in South Korea's pursuit of renewable energy solutions. With 1.8 megawatts (MW) of Bloom's revolutionary SOEC technology, the endeavor aims to produce green hydrogen suitable for use as transport fuel on Jeju Island. Known for its commitment to renewable energy projects, Jeju Island provides an ideal setting for this demonstration.
KR Sridhar, the visionary founder and CEO of Bloom Energy, emphasized the efficiency superiority of their electrolyzers compared to other technologies. He highlighted South Korea's leadership in clean hydrogen policies and expressed confidence in Bloom's SOEC technology to provide the most cost-effective green hydrogen for the region.
This venture signifies an extension of the strategic collaboration between SK and Bloom, leveraging Bloom's Electrolyzer™ and SK's robust infrastructure to generate hydrogen for transportation fuel. SK ecoplant's CEO, Kyung-il Park, reiterated the project's significance in propelling SK's footprint in the electrolysis market and advancing green hydrogen projects on a global scale using Bloom's SOEC.
The project consortium's selection of Bloom's Electrolyzer stems from its unmatched electrical efficiency, a pivotal factor enabling KOSPO and collaborators to achieve optimal results. As part of Jeju Island's "Carbon Free Island 2030" initiative, the generated hydrogen will play a critical role in transitioning all vehicles and electricity generation to renewables by 2030, underscoring its significance in promoting renewable and sustainable energy sources.
Leveraging Jeju's natural resources, specifically its wind power, the consortium plans to construct and operate the nation's largest 12.5MW-scale hydrogen production facilities, incorporating various electrolyzer technologies. The consortium aims not only to produce green hydrogen but also to establish economically viable distribution methods and lay the groundwork for commercialization.
The partnership between Bloom Energy and SK ecoplant, initiated in 2018, has fortified their positions in power generation and the global hydrogen economy. Furthermore, SK ecoplant is poised to serve as a primary distributor for Bloom Energy's solid oxide fuel cells (SOFC) and SOEC in markets where it holds a competitive advantage.
In summary, this alliance between Bloom Energy and SK ecoplant signifies a monumental leap towards sustainable energy solutions, embodying their commitment to fostering a cleaner, greener future through innovative hydrogen technologies.
Conclusion
The collaboration between Bloom Energy and SK ecoplant heralds a groundbreaking hydrogen project in South Korea. By utilizing Bloom's advanced electrolyzer technology, this initiative aims to produce green hydrogen for transport fuel on Jeju Island. This venture represents a crucial step towards transitioning to renewable energy, aligning with Jeju Island's ambitious carbon-free goals.
