-=Bloom Energy (BE) and SK Group's SK ecoplant are expanding their existing partnership

 

Bloom Energy and SK Group's SK ecoplant are expanding their existing partnership; SK to purchase 500MW from BE, a $4.5 bln rev commitment

• The partnership includes purchasing a minimum of 500 megawatts (MW) from Bloom Energy, representing a $4.5 billion revenue commitment; co-creating two hydrogen innovation centers; and targeting an equity investment of approximately $500 million.
• SK ecoplant will invest $255 million in Bloom Energy by acquiring 10 million shares of zero coupon, non-voting redeemable convertible preferred stock at a price of $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 percent premium to the prevailing stock price at the time, which must be no later than November 30, 2023 and is subject to a maximum ownership of 15 percent.
• Upon completion of SK ecoplant's purchase of its second tranche, SK ecoplant will add a member to the Bloom Energy Board of Directors. SK will give an irrevocable proxy to vote its shares to Bloom Energy.
• Bloom Energy intends to use the proceeds for market growth, rapid commercialization of hydrogen solutions, and for general corporate purposes.