Bloom Energy Secures 20 MW Utility Deal with FPM Development to Rapidly Fortify Grid Resilience in California
Partnership to support local electric utility by quickly delivering energy and mitigating power shortages in vulnerable communities across Southern California
Bloom Energy (NYSE:BE), a world leader in solid oxide fuel cell (SOFC) and solid oxide electrolyzer (SOEC) technology, announced an agreement with FPM Development for 20 megawatts (MW) of Bloom's SOFCs across two strategic locations in Los Angeles. The partnership demonstrates Bloom's capability to rapidly add affordable and resilient generational capacity to American utilities. Bloom and FPM are working together to deliver hardware by the end of 2024.
The agreement calls for the installation of Bloom Energy's fuel cell-based Energy Server at repurposed commercial sites, strategically selected for their location on the grid to support growing electrical demand. FPM, a developer of utility-scale projects that deliver innovative, scalable infrastructure and finance solutions, is supported by ABZ, Inc., and Montalto Energy, for rapid deployment of distributed generation projects.
"As states grapple with increasing demand and penetration of intermittent renewables, Bloom's technology is uniquely positioned to quickly deliver reliable, distributed power and mitigate shortages," said Aman Joshi, Bloom Energy's global Chief Commercial Officer. "The selection of Bloom's solution for this project clearly demonstrates our ability to address power shortfalls even in the nation's most populous metropolitan areas."
This agreement is part of an initial deal with FPM as they continue to drive the energy transition with utilities in California. FPM selected Bloom Energy's solution due to the following benefits:
Rapid Deployment
- Bloom's fuel cells can be installed within months versus years to meet urgent power needs, ensuring energy generation without long delays for infrastructure upgrades.
Flexible and Scalable
- Flexible installation requirements enable integration into an existing site layout and development plan.
- Scalable solution enables expansion of capacity with increasing power needs.
Reliable and Resilient
- Bloom systems deliver highly reliable power due to a modular, fault-tolerant design and can withstand extreme weather, fire and other external disruptions.
Clean and Sustainable
- Bloom's technology generates electricity with no combustion and negligible criteria pollutant emissions. The company's SOFCs operate on multiple fuels, including natural gas, biogas and hydrogen, providing a lower carbon footprint compared to the electric grid while maintaining grid stability.
- Bloom's fuel cell technology provides a scalable, easy to deploy solution which is CARB Distributed Generation certified and exempt from air permitting in many air districts, including the South Coast Air Quality Management District.
"FPM is thrilled to be working with utilities, and state and local governments to deliver cleaner power to provide direct financial and sustainability benefits at the municipal level," said FPM executive Brad Hoffman. "Bloom's technology allows us to accomplish these goals to provide clean power solutions faster than the alternatives."
The projects deployed under this agreement are the start of further planned development by FPM with the support from Go-Biz (Governor's Office of Business and Development) and its partners. As electrical demand growth continues to outpace the rate of electrical capacity additions and grid upgrades, the development of reliable distributed generation solutions is key to addressing evolving challenges by the current energy transition.
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.
About FPM Development
FPM Development delivers reliable, low emission power to the industries and locations that need it most. The FPM team brings decades of combined experience in grid development, renewable energy, private and public finance, and infrastructure to our projects. To learn more about FPM's innovative, scalable infrastructure and finance solutions, visit https://fpmdevelopment.com/.
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, the timing of hardware delivery and the prospects for future planned developments. 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, risks and uncertainties detailed in Bloom's SEC filings. More information on potential risks and uncertainties 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, 2023, and Quarterly Reports on From 10-Q for the quarters ended March 31, 2024, and June 30, 2024, filed with the SEC on February 15, 2024, May 9, 2024, and August 8, 2024, respectively, as well as subsequent reports filed with or furnished to the SEC. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements.
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