Duke Energy to buy fuel cell technology projects from Bloom Energy

Duke Energy Renewables

A Duke Energy subsidiary announced it is set to acquire distributed fuel cell technology projects from Bloom Energy Corporation.

Duke Energy One, a non-regulated subsidiary of Duke Energy, will purchase approximately 37 megawatts of Bloom Energy Servers and has secured long-term power purchase agreements with 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.

Bloom Energy Servers produce energy by converting natural gas or biogas into electricity without combustion. The Energy Servers — Based on solid oxide fuel cell technology — generate cleaner power and reduce greenhouse-gas emissions by comparable amounts to zero-emission wind and solar power on an annual basis.

Bloom Energy Servers do not generate combustion-related pollutants, such as sulphur oxides, nitrogen oxides or particulate matter.

“Duke Energy’s investment is a significant validation of the Bloom Energy Server value proposition,” said Randy Furr, chief financial officer at Bloom Energy.

Duke Energy said the two companies will deploy the servers at more than 30 sites across customers, including hospitals, technology companies, data centers and universities over the next 18 months.

Morgan Stanley was Bloom Energy’s exclusive financial advisor for this transaction.