Second partnership deal between the companies provides customers with dedicated on-site generation and options for competitive gas and power supply
BALTIMORE & SUNNYVALE, Calif. - August 13, 2015 (www.investorideas.com newswire) Constellation, a subsidiary of Exelon Corporation, and Bloom Energy announces an agreement to develop 40 megawatts (MW) of Bloom Energy fuel cell projects for commercial and public sector customers in California, Connecticut, New Jersey and New York.
"This new portfolio continues to extend the benefit of Bloom’s technology to a wider range of customers."
Under the agreement, Constellation will provide equity financing and own a majority equity interest in Bloom Energy Servers at more than 170 sites for customers, including AT&T, the City of Hartford, Conn., and Walmart among others. The projects require no upfront capital from customers, who will purchase the power generated by the fuel cells under 15-year power purchase agreements.
"Bloom Energy and Constellation are ideally suited to work together to deliver reliable and cost-effective energy solutions to customers," said Bill Thayer, executive vice president of sales at Bloom Energy. "This new portfolio continues to extend the benefit of Bloom’s technology to a wider range of customers."
"Walmart currently has more than 40 installations with Bloom Energy, and through this partnership with Constellation, we are looking forward to expanding our Bloom deployments into new territories," said David Ozment, senior director of energy at Walmart.
Hartford Mayor Pedro E. Segarra said, "The City of Hartford benefits from this partnership by creating Connecticut’s first public-private microgrid. It will ensure that essential services in our Parkville neighborhood, including an elementary school, senior center, library branch, gas station and supermarket, remain operational during power outages. Utilizing fuel cells also provides power in a cost effective manner while increasing Hartford’s use of clean energy sources."
The portfolio of customer projects builds on Exelon’s 2014 equity investment in 21 megawatts of Bloom Energy Servers and supports the growth of Constellation’s distributed energy business, which has more than 300 megawatts of assets in operation or under development.
"This next step in our alliance with Bloom Energy enables customers to achieve their business objectives around energy supply," said Gary Fromer, senior vice president of distributed energy at Constellation. "As a competitive energy supplier and a strong advocate of customer choice and innovation, Constellation aims to provide flexibility and support for our customers who require distributed generation and other dedicated energy technologies as part of their overall energy strategy."
Through Constellation, customers of these projects also have the option to lock in competitive fixed rates for natural gas and electricity supply, and to implement energy conservation measures and other distributed energy options such as solar.
Constellation and Bloom Energy plan to complete the installations in phases by the end of 2016. When completed, the fuel cells will produce enough electricity to power the equivalent of more than 32,000 homes each year.
Market-leading Bloom Energy Servers use solid oxide fuel cell technology to produce electricity from natural gas. Commercial enterprises, universities, hospitals and government agencies interested in the Bloom Energy full-service solution may contact Bloom Energy at firstname.lastname@example.org or Constellation at 1-888-635-0827.
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's family of retail businesses serves more than 2.5 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's leading competitive energy provider, with 2014 revenues of approximately $27.4 billion, and more than 32,000 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
About Bloom Energy
Bloom Energy is a provider of breakthrough solid oxide fuel cell technology generating clean, highly efficient onsite power from multiple fuel sources. 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 Google, Wal-Mart, AT&T, eBay, Staples, The Coca-Cola Company, as well as notable non-profit organizations such as Caltech and Kaiser Permanente. Also, with its Mission Critical Systems practice, Bloom Energy provides grid-independent power for critical loads in data centers and manufacturing. The company is headquartered in Sunnyvale, California. For more information, visit www.bloomenergy.com.
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