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Bloom Energy & Samsung to Jointly Develop Clean Power Ships

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With an aim to design and develop fuel cell-powered ships, Bloom Energy (BE - Free Report) announced that it has signed a joint development agreement (JDA) with Samsung Heavy Industries (SHI), which is part of Samsung Group. The vision of both companies is to generate clean power for ships and make the marine industry more sustainable.

SHI is covering all activities ranging from early studies to project completion with an intention to build highly efficient fuel cell-powered ships. Talking of Bloom Energy, it created a cross-functional team of engineers, which can adjust the company’s servers to the distinctive requirements of the marine industry.By dint of this deal, the market value for Bloom Energy Servers with respect to SHI ships is expected to increase to 300 megawatts on an annual basis.

Further, the work of both companies will meet the emission reduction targets, set by the International Maritime Organization, by 2050. The companies are coordinating on presenting the design to potential customers in 2022. These ships will have the capacity to improve air quality by slashing carbon footprint and particulate emission including NOx and SOx, significantly.

Global Scenario

With increasing awareness to trim toxic emissions globally, companies are adopting cleanenergy sources to provide environmentally-friendly energy. In line with this, Bloom Energy is set on a mission to make clean, affordableand reliable energy.

Prior to this, amid a spike in COVID-19 cases, Bloom Energy took the initiative of providing electricity that can cutsmog-forming pollution and particulate matter substantially compared with the existing combustion-based power generation sources, ensuring that patients with severe respiratory issues could inhale clean air.

In addition to Bloom Energy, companies like Ballard Power Systems, Inc. (BLDP - Free Report) , Plug Power, Inc. (PLUG - Free Report) and FuelCell Energy, Inc. (FCEL - Free Report) are increasingly using fuel cell technology to supply clean energy.

Zacks Rank & Price Performance

The stock currently sports a Zacks Rank #1 (Strong Buy). You can see  the complete list of today’s Zacks #1 Rank stocks here.

In the past six months, shares of the company have gained 14.3% against the industry’s 22.3% decline.


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