Bloom Energy extends SK ecoplant deal to 2027 with 500 MW commitment, ~$1.5B product revenue expected

Bloom Energy Corp

SK ecoplant commits to 500 MW total (250 MW new, 250 MW recommitment) through 2027.
Expected product revenue of ~$1.5B and service revenue of ~$3B over 20 years.
Agreement extends initial term to Dec 31, 2027; failure to meet quarterly/total commitments triggers default damages.
SK ecoplant owns ~10% of Bloom shares and invested $566M; 400 MW deployed since 2018 partnership.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Bloom Energy Corp amended Second Amendment to the Amended and Restated Preferred Distributor Agreement with SK ecoplant Co., Ltd. valued at Extension of initial term to December 31, 2027; increases purchase commitments to 500 MW total; new (effective 2023-12-21).

Action: amendment
Counterparty: SK ecoplant Co., Ltd.
Value: Extension of initial term to December 31, 2027; increases purchase commitments to 500 MW total; new
Effective: 2023-12-21

Exact text from the filing

On December 21, 2023, the Company and SK ecoplant entered into the Second Amendment to the Amended and Restated Preferred Distributor Agreement (the “Agreement”). The Agreement extends the initial term of the ARDPA to December 31, 2027 and increases SK ecoplant’s purchase commitments for Bloom Energy products. The Agreement adds a new minimum purchase commitment of 250 megawatts (“MW”). The Agreement also changes the existing take or pay commitment for 2024 to a minimum volume purchase commitment. For the four-year period from January 1, 2024 to December 31, 2027, the total purchase commitment under the Agreement is 500 MW.

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Source: SEC EDGAR

accession 0001628280-23-042553

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