CHARLOTTE, N.C. and
SAN JOSE, Calif., July 1, 2019 /PRNewswire/ -- A subsidiary of
Duke Energy (NYSE: DUK) today announced it will acquire a portfolio
of distributed fuel cell technology projects from Bloom Energy
Corporation (NYSE: BE), as part of the company's efforts to serve
commercial and industrial customers' evolving energy needs and
provide behind-the-meter generation.
The company will purchase approximately 37 megawatts of Bloom
Energy Servers and has already secured long-term power purchase
agreements with creditworthy customers primarily located in
California, Connecticut, Maryland and New
York.
"Commercial and industrial customers want resilient, clean
energy at predictable costs and solutions tailored for their
business needs – and with this technology, we can provide just
that," said Swati Daji, Duke
Energy's senior vice president of customer solutions and
strategies. "We are excited to give our customers a more
affordable, reliable, innovative generation source with Bloom
Energy's innovative fuel cells, and we look forward to further
developing and customizing more options in the future."
Duke Energy One, a non-regulated subsidiary of Duke Energy,
formed a potential long-term strategic alliance with Bloom Energy,
marking another step forward in expanding energy products and
services available for commercial and industrial customers.
Bloom Energy Servers are unique in the utility sector, producing
energy by converting natural gas or biogas into electricity without
combustion. Based on solid oxide fuel cell technology, the Energy
Servers generate cleaner power around the clock and reduce
greenhouse-gas emissions by comparable amounts to zero-emission
wind and solar power on an annual basis.1
Bloom Energy Servers also do not generate combustion-related
pollutants, such as sulphur oxides, nitrogen oxides or particulate
matter.
Customers benefit from low-emission, baseload power 24/7 and
fewer intermittent interruptions in power flow for their facilities
and operations.
"Duke Energy's investment is a significant validation of the
Bloom Energy Server value proposition," said Randy Furr, chief financial officer at Bloom
Energy. "Now, more than ever, commercial and industrial customers
need power that is reliable, resilient and affordable. As one of
the largest electric power holding companies in the U.S., Duke
Energy understands that dynamic perfectly, and we are delighted to
be partnering with the organization."
Over the next 18 months, the two companies will deploy the
servers at more than 30 sites across a portfolio of customers,
including hospitals, technology companies, data centers and
universities.
This deployment continues Duke Energy's efforts to invest in
cleaner generation, reduce carbon emissions and build a smarter
energy future for our customers.
Morgan Stanley & Co. LLC was Bloom Energy's exclusive
financial advisor for this transaction.
1 Bloom Energy:
https://www.bloomenergy.com/whitepapers/fuel-cell-emissions
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150
company headquartered in Charlotte,
N.C., is one of the largest energy holding companies in the
U.S. It employs 30,000 people and has an electric generating
capacity of 51,000 megawatts through its regulated utilities, and
3,000 megawatts through its nonregulated Duke Energy Renewables
unit.
Duke Energy is transforming its customers' experience,
modernizing the energy grid, generating cleaner energy and
expanding natural gas infrastructure to create a smarter energy
future for the people and communities it serves. The Electric
Utilities and Infrastructure unit's regulated utilities serve
approximately 7.7 million retail electric customers in six states –
North Carolina, South Carolina, Florida, Indiana, Ohio
and Kentucky. The Gas Utilities
and Infrastructure unit distributes natural gas to more than 1.6
million customers in five states – North
Carolina, South Carolina,
Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit
operates wind and solar generation facilities across the U.S., as
well as energy storage and microgrid projects.
Duke Energy was named to Fortune's 2019 "World's Most Admired
Companies" list, and Forbes' 2019 "America's Best Employers" list.
More information about the company is available at duke-energy.com.
The Duke Energy News Center contains news releases, fact
sheets, photos, videos and other materials. Duke Energy's
illumination features stories about people, innovations,
community topics and environmental issues. Follow Duke Energy on
Twitter, LinkedIn, Instagram and Facebook.
About Bloom Energy
Bloom Energy's mission is to make
clean, reliable, and affordable energy 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
and sustainable. Bloom's customers include twenty-five of the
Fortune 100 companies and leaders in cloud services and data
centers, healthcare, retail, financial services, utilities and many
other industries. For more information,
visit www.bloomenergy.com.
Cautionary Note Regarding Forward-Looking Statements:
Certain information contained in this release is forward-looking
information based on current expectations and plans that involve
risks and uncertainties. Forward-looking information includes,
among other things, statements concerning the planned fuel cell
project. Duke Energy and Bloom Energy Corporation caution
that there are certain factors that can cause actual results to
differ materially from the forward-looking information that has
been provided. The reader is cautioned not to put undue reliance on
this forward-looking information, which is not a guarantee of
future performance and is subject to a number of uncertainties and
other factors, many of which are outside the control of Duke Energy
and Bloom Energy Corporation; accordingly, there can be no
assurance that such suggested results will be realized. The
following factors, in addition to those discussed in Duke Energy's
Annual Report on Form 10-K for the year ended December
31, 2018, and subsequent securities filings, and Bloom Energy
Corporation's Annual Report on Form 10-K for the year
ended December 31, 2018, its Quarterly Report on Form 10-Q for
the quarter ended March 31, 2019 and
subsequent filings with the Securities and Exchange Commission,
could cause actual results to differ materially from each company's
expectations as suggested by such forward-looking information: the
ability to control costs and avoid cost and schedule overruns
during the development, construction and operation of generating
facilities; the ability to construct facilities in accordance with
the requirements of permits and licenses and to satisfy any
environmental performance standards and the requirements of tax
credits and other incentives; and potential business strategies,
including acquisitions or dispositions of assets or businesses,
which cannot be assured to be completed or beneficial to Duke
Energy or Bloom Energy Corporation. The information in this press
release is as of July 1, 2019. Duke
Energy and Bloom Energy Corporation expressly disclaim any
obligation to update any forward-looking information, except as
required by law.
Duke Energy Contact: Catherine
Butler
24-Hour Media Line: 800.559.3853
Bloom Energy Contact: Erica
Osian
erica.osian@bloomenergy.com
Office: 401.714.6883
View original content to download
multimedia:http://www.prnewswire.com/news-releases/duke-energy-to-offer-bloom-energy-distributed-fuel-cell-technology-to-customers-300878437.html
SOURCE Duke Energy