SAN JOSE, Calif. & PITTSBURGH, Pa.--(BUSINESS WIRE)--Bloom Energy (NYSE: BE) and EQT, the largest producer of natural gas in the U.S., today announced they have closed a certificate trade agreement (CTA) for certified, responsibly sourced natural gas. Bloom Energy has purchased certificates for all of its U.S. fleet’s natural gas consumption for the next two years from EQT. EQT's certified natural gas became available for sale in December 2021. The agreement marks the realization of Bloom’s commitment made in July 2021 to convert its fleet to certified gas.
Together, Bloom and EQT are leading the market for certified natural gas, which not only allows end-users to reduce the emissions associated with their value chain but also incentives emissions reduction efforts by producers.
By converting its U.S. fleet of fuel cell installations – deployed at more than 700 sites – to EQT’s certified natural gas, an estimated 176,000 metric tons of CO2e emissions will be avoided per year when compared to the national average leak rate, the equivalent of 38,329 passenger vehicles taken off the road annually.
The certificates purchased by Bloom from EQT represent gas production jointly approved under both the MiQ Methane Standard and the Equitable Origin EO100TM Standard for Responsible Energy Development, which together provide a transparent, verified method for tracking environmental, social and governance (ESG) performance. The certification standards developed by MiQ and EO aim to bring transparency to an opaque market, drive demand for certified natural gas and help operators differentiate themselves through methane-emissions performance and overall responsible energy production.
“As the energy industry works to make renewable and zero-carbon technologies more widely available, we must do everything in our power to reduce the carbon intensity of today’s energy production,” said Stephen Lamm, senior director of sustainability, Bloom Energy. “By transitioning our domestic fleet of fuel cells to certified natural gas, we believe we are taking an immediate and impactful step to help eliminate harmful methane emissions as we lay the foundation for a net-zero future. We’re proud to partner with EQT on their mission to transform the natural gas market, and we strongly urge other gas producers and consumers to join us in embracing more responsible practices – not only for the industry, but the planet.”
“We are excited to support Bloom’s transition to certified, responsibly sourced natural gas, which is expected to make an immediate and significant impact on their customers’ efforts to reduce their own environmental footprint,” said Toby Z. Rice, President and CEO, EQT. “Natural gas offers an immediate path to decarbonize industries in an impactful way. This agreement validates our belief that certified natural gas is a differentiator for customers seeking affordable, reliable and clean energy sources that are produced with the highest of ESG standards.”
EQT's certified natural gas production currently comprises 4.5% of all-natural gas produced in the U.S., making EQT not only the nation's largest natural gas producer, but also the nation's largest producer of certified natural gas.
The use of certified natural gas is gaining increasing interest from major organizations, such as T-Mobile, who value the benefits of clean, reliable, and resilient energy.
“Bloom Energy power will support approximately 20 T-Mobile data centers across multiple states and, more broadly, help us deliver on our commitment to create a more sustainable future by sourcing clean and lower carbon resources for our operations,” said Chad Wilkerson, director of sustainability and infrastructure sourcing, T-Mobile.
This work aligns with Bloom’s gas sector transformation and consistent decarbonization efforts, including the implementation of waste-to-electricity solutions using biogas and the production of low-cost green hydrogen through the integration of concentrated solar and solid oxide electrolyzer technologies.
For more information about the Bloom and the company’s commitment to a zero-carbon future, visit: www.bloomenergy.com/.
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.
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.
Bloom Energy Cautionary 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, Bloom’s expectations regarding use of responsible fuels and impact on harmful methane emissions; Bloom’s expectations regarding the amount of CO2e emissions that will be avoided as a result of the CTA and Bloom’s products; and the impact of the CTA and Bloom’s products on Bloom’s customers’ efforts to reduce their environmental footprint. 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, the emerging nature of the distributed generation market and rapidly evolving market trends; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; Bloom’s reliance upon a limited number of customers; business and economic conditions and growth trends in commercial and industrial energy markets; global economic conditions and uncertainties in the geopolitical environment; overall electricity generation market; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including Bloom’s Annual Report on Form 10-K for the year ended on December 31, 2021 as filed with the SEC on February 25, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
EQT Cautionary Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation and its subsidiaries (collectively, the Company), including projections and expectations regarding the Company’s contract to provide certified, responsibly sourced natural gas to Bloom Energy and the projected emissions reduction opportunities related thereto.
The forward-looking statements included in this new release involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently available to the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company’s control and which include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company’s hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting and storing natural gas, natural gas liquids and oil; cyber security risks; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and water required to execute the Company's exploration and development plans, including as a result of the COVID-19 pandemic; risks associated with operating primarily in the Appalachian Basin and obtaining a substantial amount of the Company's midstream services from Equitrans Midstream; the ability to obtain environmental and other permits and the timing thereof; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to acquisitions and other strategic transactions. These and other risks and uncertainties are described under Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC, as updated by any subsequent Form 10-Qs, and those set forth in other documents the Company files from time to time with the SEC.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.