Bloom Energy and Softbank Fuel Cell Venture
August 20, 2013
The $70 billion Japanese technology investment company, SoftBank, is investing in a joint venture with Bloom Energy, the fuel cell manufacture from Silicon Valley, to bring the company’s products overseas. Bloom is a California-based manufacturer of highly efficient solid oxide fuel cells for generation of distributed power. This investment will support Softbank’s fast-growing Internet, mobile communications, and technology domain while adding to its current renewable energy us of solar and wind power. An investment worth $10 million in each joint venture would help sell clean electricity produced by fuel cells to Japanese corporations with potential to spread to markets in China.
In response to Japan’s nuclear reactors shutting down, electricity companies have raised prices due to the import of fuel. With this fuel cell investment, corporations will not have to worry about rising electricity bills while allowing them to reduce their dependence on the nation’s power grid.