06/29/2020 | Press release | Distributed by Public on 06/29/2020 18:02
SAN JOSE, Calif., June 29, 2020 -- Bloom Energy (NYSE: BE) and Samsung Heavy Industries (SHI), a part of Samsung Group, have signed a joint development agreement (JDA) to design and develop fuel cell-powered ships. The two companies will work together to realize their vision of clean power for ships and a more sustainable marine shipping industry.
'By signing this joint development agreement, SHI has a plan to develop eco-friendly ships that will lead the future of the industry,' said Mr. Haeki Jang, vice president of shipbuilding & drilling sales engineering at SHI. 'Our goal is to replace all existing main engines and generator engines with these highly efficient solid oxide fuel cells to align with the International Maritime Organization's 2030 and 2050 environmental targets.'
SHI is actively participating in all of the relevant activities during the joint development, from early studies to project completion, in order to build highly efficient fuel cell-powered ships. In alignment, Bloom Energy has created a dedicated, cross-functional team of engineers to adapt Bloom Energy's Servers to the unique requirements of the marine environment.
SHI and Bloom Energy are actively working towards the next milestone in this development with a target to present the design to potential customers in 2022. Following commercialization, the two companies anticipate that the market for Bloom Energy Servers on SHI ships could grow to 300 megawatts annually.
This joint development work aligns with the International Maritime Organization's mandate to meet emissions reduction targets by 2050. Because the fuel cells create electricity through an electrochemical reaction, without combusting the fuel, these ships would be able to improve air quality with a reduction of particulate emissions, including NOx and SOx, by more than 99 percent, and shrink carbon emissions.
'The marine shipping industry has the ability to make a substantial impact on emissions and air quality at ports and across our planet,' said KR Sridhar, founder, chairman and CEO of Bloom Energy. 'We see a collaboration with one of the world's largest shipbuilders, SHI, as a moment to make measurable strides in reducing emissions and extending our mission for clean, reliable energy to the seas.'
The joint development agreement between SHI and Bloom Energy follows an Approval in Principle for fuel cell-powered Aframax crude oil tankers from DNV GL, the internationally accredited marine shipping registrar and classification society, announced in September 2019. The next class of ship to be submitted for design approval is the LNG carrier.
About Bloom Energy
Bloom Energy's mission is to make clean, reliable energy affordable for everyone in the world. The Company's product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom's customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.
Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'projects,' 'believes,' 'seeks,' 'estimates,' 'can,' 'may,' 'will,' 'would' and similar expressions identify such forward-looking statements. These statements include, but are not limited to statements regarding the demand and value for resilient power and resulting demand for the Company's product and the marketplace opportunities in 2020 and beyond. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the Risk Factor section of the Company's Quarterly Report on Form 10-K for the year ended December 31, 2019, the Quarterly Report on Form 10Q and other risks detailed in Bloom's SEC filings from time to time. Bloom undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.
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