Bloom Energy Electrolyzer Accelerates the Future of Hydrogen Production in South Korea

Bloom Energy’s first international electrolyzer deployment showcases pathways to produce clean, low-cost hydrogen at scale to unlock South Korea’s net-zero future

Bloom Energy (NYSE: BE) today announced the first international deployment of its high temperature solid oxide electrolyzer. The successful 130 kilowatt (kW) installation in Gumi, South Korea, further propels Bloom Energy’s efforts to enable a hydrogen-fueled economy following the commercial launch of the Bloom Electrolyzer in 2021.

Bloom’s high-temperature electrolyzer is operating at its designed high efficiency, producing hydrogen onsite more efficiently than low-temperature PEM and alkaline electrolyzers. Because it operates at high temperatures, the Bloom Electrolyzer requires less energy to split water molecules and produce hydrogen. As electricity accounts for up to 80 percent of the cost of hydrogen from electrolysis, using less electricity increases the economics of hydrogen production and helps bolster adoption.

Fully operational at the Bloom SK Fuel Cell center in South Korea since January 2022, this new demonstration is testing electrolysis efficiency using water as an input in intermittency mode. The Bloom Electrolyzer is effectively and efficiently operating in daily cycles, demonstrating its ability to pair with intermittent renewables, such as solar and wind.

In production, the Bloom Electrolyzer is expected to operate at 46 kilowatt hours (kW-hr) per kilogram of hydrogen (kg H2) output with water as its input. When steam is used, the electrolyzer requires even less electricity, expected to operate at 40.4 kW-hr/kg H2, driving further efficiencies.

“The successful deployment of our electrolyzer internationally is a testament to the confidence it has garnered to create viable pathways to achieving a net-zero, hydrogen-fueled future,” said Deia Bayoumi, vice president, global product management, Bloom Energy. “This marks a critical step in our mission to transform the global energy landscape and enable the hydrogen economy.”

The project aligns with South Korea’s efforts to decarbonize its energy system and become a global leader in the hydrogen economy in the coming decades. Investing heavily in new technologies and infrastructure to spur the production and adoption of the carbon-neutral fuel, South Korea aims to replace fossil fuels with hydrogen as its chief power source by 2050, according to the Ministry of Trade, Industry, and Energy. With the capacity to scale hydrogen production rapidly, Bloom Energy and SK ecoplant are well-suited to drive South Korea’s energy transition forward.

“A significant milestone in our successful partnership with Bloom Energy, this latest collaboration is a testament to our shared vision to transform South Korea’s energy landscape and unlock new value through innovation,” said Seoung-hwan Oh, vice president, hydrogen business, SK ecoplant. “Bloom Energy’s technology has demonstrated unparalleled performance and efficiency, further establishing us at the forefront of South Korea’s clean energy market.”

Highly flexible, the Bloom Electrolyzer offers unique advantages for deployment across a broad variety of hydrogen applications, using multiple energy sources including intermittent renewable energy and excess heat. Its modular design also makes it ideal for applications across gas, utilities, nuclear, wind, solar, ammonia and heavy industries.

For more information about the Bloom Electrolyzer and the company’s commitment to a zero-carbon future, visit: www.bloomenergy.com/bloomelectrolyzer.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, expectations to enable a hydrogen-fueled economy following the commercial launch of the Bloom Electrolyzer in 2021; and Bloom’s ability to drive South Korea’s energy transition forward. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, the risks related the ability of the existing partnership to fortify the companies market leadership in power generation and to establish market leadership in the hydrogen economy; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; the availability of rebates, tax credits and other tax benefits; changes in the regulatory landscape; Bloom’s reliance on tax equity financing arrangements; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers; business and economic conditions and growth trends in commercial and industrial energy markets; global economic conditions and uncertainties in the geopolitical environment; overall electricity generation market; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

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