Benzinga | Jul 15, 2020 02:57PM EDT

Why Bloom Energy's Stock Is Trading Higher Today

Bloom Energy (NYSE:BE) shares were trading higher on Wednesday.

The company has announced it is entering the commercial hydrogen market by introducing hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen.

The products will be first introduced to the South Korean market in 2021 through an expanded partnership with SK Engineering and Construction (SK E&C), an affiliate of SK Group. Bloom's technologies are critical in enabling South Korea to execute on its government-mandated Hydrogen Economy Roadmap.

Bloom's existing partnership with SK E&C has already sold 120 megawatts of fuel cells in South Korea, generating over$1 billion in equipment and future services revenue for Bloom.

Bloom Energy shares were trading up 37.05% at $17.94 during the time of publication on Wednesday. The stock has a 52-week high of $18.26 and a 52-week low of $2.24.