Bloom Energy Partners With Bank of America To Launch Fuel Cell Lease Program
Bloom Energy has partnered with Bank of America Merrill Lynch to allow new customers that want to install fuel cells at their buildings to join a leasing program. Some of the new customers that have joined the program includes TaylorMade Adidas Golf and the Honda Center in Anaheim, California.
Fuel cells can generate electricity through a chemical reaction rather than combustion. Bloom Energy’s fuel cells uses natural gas and runs it over plates that are lined with a catalyst metal to produce electricity. Bloom Energy’s fuel cells can create energy on-site at a facility so that they can disconnect from the power grid, which makes them less vulnerable to blackouts.
Bloom Energy did not say how much Bank of America Merrill Lynch was committing, but they said say that the fund size was in the multimillions. The lease payment is a fixed payment that works with tax and incentive benefits.
Electric vehicle company Tesla Motors recently launched a leasing program of their own. SolarCity and other solar companies also have solar financing options to avoid the up-front costs of rooftop solar panels.