Exelon Corporation, the nation’s leading competitive energy provider,
will provide equity financing for 21 megawatts (MW) of Bloom Energy fuel
cell projects at 75 commercial facilities in California,
Connecticut, New Jersey and New York. The power buyers include new and
repeat blue-chip customers, such as AT&T, which will use the fuel cells
to power operations at nine sites.
As the first step in a long-term strategic partnership with Bloom
Energy, Exelon will finance Bloom Energy projects through Bloom
Electrons™, a service that allows customers to buy power as a service,
rather than purchasing the equipment directly. This is the first
investment by an energy company in Bloom Electrons, and it will support
the program’s largest commercial deployment to date.
“As a strong proponent of customer choice and innovation, Exelon is
always looking for ways to support business customers who want to take
control of their energy usage,” said Chris Crane, president and CEO of
Exelon. “This partnership with Bloom Energy is an extension of our
Constellation business, and we are committed to meeting the growing
demand for distributed generation with Bloom Energy’s clean, reliable,
non-intermittent power solution.”
Exelon’s partnership with Bloom Energy builds upon the distributed
generation business of Exelon subsidiary Constellation, a leading
competitive retail supplier of energy products and services serving more
than two-thirds of the FORTUNE 100. The business unit develops, owns and
operates distributed generation for retail customers, including onsite
solar, emergency generation and cogeneration. Constellation has been
active in the distributed generation business since 2007 and will play a
key role in the ongoing management of Exelon’s partnership with Bloom
Energy.
“This partnership with Exelon demonstrates a significant commitment, as
one of the largest and most important energy companies in the country
commits to Bloom Energy’s reliable, resilient and distributed power,”
said KR Sridhar, principal co-founder and CEO of Bloom Energy. “We look
forward to building upon this first phase in our partnership.”
Exelon and Bloom Energy plan to complete the installations in phases
over the next year. When completed, the fuel cells will produce enough
clean, reliable electricity to power the equivalent of more than 11,000
homes each year.
Market leading Bloom Energy Servers use solid oxide fuel cell technology
to produce electricity from natural gas. They rely upon an efficient
electrochemical process that results in far fewer carbon emissions than
other traditional power generation methods.
Terms of the transaction were not disclosed. Credit Suisse was Exelon’s
financial adviser, and Morgan Stanley advised Bloom on its partnership
with Exelon.
About Exelon Corporation
Exelon Corporation (NYSE: EXC) is the nation’s leading competitive
energy provider, with 2013 revenues of approximately $24.9 billion.
Headquartered in Chicago, Exelon does business in 48 states, the
District of Columbia and Canada. Exelon is one of the largest
competitive U.S. power generators, with more than 35,000 megawatts of
owned capacity comprising one of the nation’s cleanest and lowest-cost
power generation fleets. The company’s Constellation business unit
provides energy products and services to approximately 100,000 business
and public sector customers and approximately 1 million residential
customers. Exelon’s utilities deliver electricity and natural gas to
more than 7.8 million customers in central Maryland (BGE), northern
Illinois (ComEd) and southeastern Pennsylvania (PECO). Follow Exelon on
Twitter @Exelon.
About Bloom Energy
Bloom Energy was founded in 2001 with a mission to make clean, reliable
energy affordable for everyone in the world. Bloom Energy Servers are
currently producing power for many Fortune 500 companies including
Apple, Google, NSA, Walmart, AT&T, eBay, Staples, as well as notable
non-profit organizations such as Caltech and Kaiser Permanente. Bloom
Energy has more than 130 MW of Bloom Energy Servers installed in the
United States. Last year, the company opened a large manufacturing
center in Newark, Delaware and completed a number of mission critical
projects, including a 6 MW deployment at an eBay data center in Utah.
The company is headquartered in the United States at Sunnyvale,
California. For more information, visit www.bloomenergy.com.
Copyright Business Wire 2014