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Stock Alert: Bloom Energy Spikes 30%

Shares of Bloom Energy Corporation (BE), which makes solid oxide fuel cells that produce electricity on-site are surging more than 30% Tuesday morning at $10.73. For the 52-week period, the stock has traded in the range of $2.44- $14.51.

Monday, Bloom Energy and Samsung Heavy Industries (SHI), a part of Samsung Group, have signed a joint development agreement to design and develop fuel cell-powered ships.

SHI and Bloom Energy are working towards the next milestone in this development with a target to present the design to potential customers in 2022. Following commercialization, the two companies expect that the market for Bloom Energy Servers on SHI ships could grow to 300 megawatts annually.

"By signing this joint development agreement, SHI has a plan to develop eco-friendly ships that will lead the future of the industry," said Mr. Haeki Jang, vice president of shipbuilding & drilling sales engineering at SHI. "Our goal is to replace all existing main engines and generator engines with these highly efficient solid oxide fuel cells to align with the International Maritime Organization's 2030 and 2050 environmental targets."

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