Bloom Energy and Bank of America Merrill Lynch have developed a leasing program with for business customers to finance Bloom Energy projects that will generate on-site power at customer facilities. The new financing program eliminates the need for an upfront capital investment for customer deployment of Bloom Energy Servers, Bloom Energy said.
BofA Merrill has made a multi-million dollar commitment to the program’s two initial projects — the TaylorMade-adidas Golf Company manufacturing facility in Carlsbad, Calif., and Honda Center in Anaheim, Calif. The two entities will use Bloom Energy’s clean energy technology to power their facilities, the fuel cell maker said.
The program stems from the Bank of America’s $50 billion environmental business initiative, which delivers lending, equipment finance, capital markets and advisory activities, and carbon markets finance to global clients, according to Bank of America.
Bank of America also has previously purchased five Bloom Energy Servers to power one of its largest call centers, located in Southern California.
For the TaylorMade-adidas Golf Company, the Bloom project allows the company to immediately reduce carbon emissions, without making changes to production goals. “Through the Bank of America leasing program, we can use our existing budget to support the Bloom project and realize benefits immediately,” said Andy Stenz, Facilities Director, TaylorMade-adidas Golf Company.