SK ecoplant sells part of stake in US fuel cell company

A Bloom SK fuel cell plant in Gumi, North Gyeongsang Province / Courtesy of SK ecoplant

SK ecoplant Co., the construction arm of Korea's SK Group, has sold part of its stake in U.S.-based fuel cell company Bloom Energy Corp., sources said Friday.

SK ecoplant offloaded 10 million common shares in Bloom Energy through an over-the-counter block trade at $27.60 per share Thursday, raising approximately $276 million.

The company initially invested in Bloom Energy in 2021 and again in 2023 as part of a strategic partnership to expand its hydrogen fuel cell-based power generation business.

SK ecoplant was known to hold about a 10 percent stake in the U.S. firm.

The latest sale is reportedly equivalent to the shares it acquired in 2021.

SK ecoplant said the sale was made to recoup investment following the expiration of a lock-up period.

The company emphasized that its strategic partnership with Bloom Energy remains intact despite the partial stake sale.