September 28 (Renewables Now) - California-based fuel cell company Bloom Energy Corp (NYSE:BE) said on Thursday it will obtain USD 100 million (EUR 85.9m) in project financing from an affiliate of KeyCorp (NYSE:KEY) to further expand its fuel cell technology across the US.
The funds, to be distributed by Key Equipment Finance, will provide lease financing for between 10 MW and 15 MW of the Bloom Energy Server, a stationary power generation platform based on Bloom Energy’s proprietary solid oxide fuel cell technology. The particular technology is used to convert standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion.
Bloom Energy estimates that the deployment of the new systems will save up to 50,000 tonnes of carbon dioxide (CO2) emissions per year. The company will use a portion of the fresh funds to sign short-term deals with clients that are unable to enter long-term contracts.
The typical configuration of systems under the Bloom Energy Server platform comes with a capacity of 250 kW. It is used by commercial and industrial customers in order to lower electricity costs and reduce vulnerability to grid outages.
Bloom Energy, which floated on the New York bourse this summer, has previously secured KeyCorp funds for its projects, including USD 300 million for the deployment 70 fuel cell projects in the US.
(USD 1.0 = EUR 0.859)