U.S. Markets closed

Bloom Energy & Samsung to Jointly Develop Clean Power Ships

Zacks Equity Research

With an aim to design and develop fuel cell-powered ships, Bloom Energy BE 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, Plug Power, Inc. PLUG and FuelCell Energy, Inc. FCEL 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.


 

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
FuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report
 
Plug Power, Inc. (PLUG) : Free Stock Analysis Report
 
Ballard Power Systems, Inc. (BLDP) : Free Stock Analysis Report
 
Bloom Energy Corporation (BE) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.