Press Release
Bloom Energy to Install First−Ever Highrise Project at Morgan Stanley Global Headquarters in New York City
Morgan Stanley's second project with Bloom Energy demonstrates how clean energy can be deployed in urban areas like Times Square
NEW YORK, January 12, 2016 — Morgan Stanley today announced that Bloom Energy will install a fuel cell system at the Firm's global headquarters in New York City's Times Square neighborhood. The fuel cell project at 1585 Broadway is expected to be fully operational in late 2016 and will provide approximately 750 kW of 24x7 high quality power to the Morgan Stanley building, equal to approximately 6 million kWh of clean electricity each year.
Bloom Energy's solid oxide fuel cell (SOFC) technology converts fuel into electricity through a high efficiency non-combustion process that generates clean and reliable on-site power, reducing emissions of greenhouse gasses compared to traditionally generated and transmitted electricity.
“Morgan Stanley is committed to investing in technologies that minimize our impact on the environment,” said Chief Operating Officer Jim Rosenthal. “Following on the success of our fuel cell installation in Purchase, NY, this project further exemplifies how we can improve the sustainability and resiliency of our facilities, while controlling costs and being responsible to our business, our shareholders and our planet.”
“The recent Paris Climate Accord calls on government and business leaders to reimagine the way we power the world, and this project in the heart of Manhattan demonstrates how clean distributed energy can be deployed onsite, even in urban areas,” said KR Sridhar, principal co-founder and CEO of Bloom Energy. “We applaud Morgan Stanley for their continued commitment to clean energy as well as Governor Cuomo’s administration and NYSERDA for their work to drive adoption of clean distributed generation.”
Support for this project was provided by the New York State Energy Research and Development Authority (NYSERDA) through a long-term renewable energy credit contract awarded under the Renewable Portfolio Standard (RPS) Main Tier Program to develop renewable energy projects.
“Partnerships between the State and private sector have made New York a global leader in reducing greenhouse gases and advancing clean energy solutions, and will continue to play a vital role in transforming our energy system,” said John B. Rhodes, President and CEO of NYSERDA said. “This project is an example of how new and innovative technologies will help us achieve Governor Cuomo’s vision of an energy system that is cleaner, more resilient and more affordable for all New Yorkers.”
Bloom Energy currently has over 200 projects across the United States and in Japan, including ten operating projects in New York State.
About Bloom Energy
Bloom Energy is a provider of breakthrough solid oxide fuel cell technology generating clean, highly efficient onsite power from multiple fuel sources. Founded in 2001 with a mission to make clean, reliable energy affordable for everyone in the world, Bloom Energy Servers are currently producing power for many Fortune 500 companies including Apple, Google, Wal-Mart, AT&T, eBay, Staples, The Coca-Cola Company, as well as notable non-profit organizations such as Caltech and Kaiser Permanente. Also, with its Mission Critical Systems practice, Bloom Energy provides grid-independent power for critical loads in data centers and manufacturing. The company is headquartered in Sunnyvale, California. For more information, visit www.bloomenergy.com.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 43 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
