Bloom Energy and Sembcorp Announce Collaboration to Bring Low-Carbon Solutions to Singapore

SINGAPORE--(BUSINESS WIRE)--Bloom Energy (NYSE: BE) (Bloom), a global leader in solid oxide fuel cell technology, announced today a groundbreaking collaboration with Sembcorp Industries (Sembcorp) at the sidelines of the 2024 Clean Economy Investor Forum, organized under the auspices of the Indo-Pacific Economic Framework (IPEF). The Bloom-Sembcorp collaboration will involve Sembcorp’s potential utilization of Bloom’s proprietary solid oxide fuel cell technology and third-party proven carbon capture technologies to produce reliable, low-carbon electricity to meet Singapore’s changing energy needs.

This collaboration aligns with Singapore’s recent launch of the Green Data Centre Roadmap, where one of the goals is to develop sustainable data centers with a greater use of green energy¹. Bloom’s fuel cell Energy Server product, when integrated with carbon capture, will provide low-carbon power to the data centers. The same system can potentially deliver green energy in the future, tapping on low-carbon feedstock. The Energy Servers can also be deployed as a grid parallel system in conjunction with utility power, mitigating grid constraints.

Headquartered in Singapore, Sembcorp has a balanced energy portfolio of 21.2GW, including 14.4GW of gross renewable energy capacity, across 10 countries. The company delivers sustainable solutions to drive energy transition by leveraging its sector expertise and global track record.

“The Bloom-Sembcorp collaboration will have lasting impacts on multiple levels,” said KR Sridhar, Bloom Energy’s Founder, Chairman & CEO. “Singapore’s established position as a high-tech manufacturing hub will be further cemented as Bloom and Sembcorp provide the low-carbon electricity from the high-tech solid oxide fuel cells coupled with proven carbon capture technologies. The use of carbon capture technology will support Singapore’s progress towards achieving its net-zero emissions target by 2050. We believe this will serve as a model for the broader region, and the world.”

Koh Chiap Khiong, CEO, Singapore & Southeast Asia at Sembcorp, said, “Through the collaboration with Bloom Energy, Sembcorp aims to support our customers with low-carbon energy through the deployment of solid oxide energy systems. The demand for green energy is expected to have robust growth, especially in the area of data centers.”

ABOUT BLOOM ENERGY

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

FORWARD-LOOKING 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, expectations for the planned collaboration, including the planned CCUS projects. 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, developments in the collaboration and CCUS projects, and other risks and uncertainties detailed in Bloom’s SEC filings. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 15, 2024, as well as subsequent reports filed with or furnished to the SEC. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements.

ABOUT SEMBCORP INDUSTRIES
(Company registration: 199802418D)

Sembcorp Industries (Sembcorp) is a leading energy and urban solutions provider, led by its purpose to drive energy transition.

Headquartered in Singapore, Sembcorp delivers sustainable solutions to support energy transition and urban development by leveraging its sector expertise and global track record.

Sembcorp has a balanced energy portfolio of 21.2GW including 14.4GW of gross renewable energy capacity, across 10 countries*.

Its urban development projects span over 14,000 hectares across Asia and have generated over 377,000 employment opportunities and attracted close to US$50 billion of investment capital.

Sembcorp is listed on the main board of the Singapore Exchange. It is a constituent stock of FTSE Russell Index, MSCI Singapore Index, Straits Times Index as well as sustainability indices including FTSE4Good Index, iEdge Sg ESG indices and several MSCI ESG indices.

For more information, please visit www.sembcorp.com.

¹ IMDA: Charting green growth pathways at scale for data centres in Singapore

* Total gross capacity assumes 100% ownership of assets, including projects secured and under construction, and an acquisition pending completion.