Stock Aleret: Bloom Energy Touches New High

(RTTNews) - Shares of Bloom Energy Corporation (BE), which makes solid oxide fuel cells to produce electricity on-site, are climbing more than 2% Thursday morning. The stock has touched a new high of $19.50.

Wednesday Bloom Energy said it is entering the commercial hydrogen market by introducing hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen.

The company plans to initially introduce these products in South Korea in 2021 through an expanded partnership with SK Engineering and Construction (SK E&C), a unit of SK Group.

Bloom's existing partnership with SK E&C has already generated more than $1 billion of revenue in equipment and future services for the company by selling 120 megawatts of fuel cells in South Korea.

Jason Ahn, CEO of SK E&C said, "Given the Korean government's ambitious directive of deploying 15,000 MW of fuel cells by 2040, we forecast to sell 400 MW per year of fuel cells in the future."