Bloom Energy prices IPO at top of range

Bloom Energy Server. Source: Bloom Energy Corporation

July 25 (Renewables Now) - California-based fuel cell company Bloom Energy Corp (NYSE:BE) today priced the shares in its initial public offering (IPO) at USD 15, the top end of a previously announced range.

Trading in the company's stock on the New York Stock Exchange starts today, while the offering is seen to close on Friday.

Bloom Energy is selling 18 million shares of Class A common stock and there is also an over-allotment option of 2.7 million.

According to a previous filing with the US Securities and Exchange Commission (SEC), the company plans to use the proceeds, which could now top USD 300 million (EUR 256.5m), for general corporate purposes, including research and development and sales and marketing activities, general and administrative matters and capital expenditures. Bloom has said that the main purpose of the IPO was to invest in its business, create a public market for its securities in the US and facilitate its access to the public equity markets.

JP Morgan and Morgan Stanley serve as joint lead book-running managers for the offering. Credit Suisse, KeyBanc Capital Markets and BofA Merrill Lynch have been appointed book-running managers. Baird, Cowen, HSBC, Oppenheimer & Co and Raymond James are co-managers.

The firm offers the Bloom Energy Server, a stationary power generation platform based on its proprietary solid oxide fuel cell technology that converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion. A typical configuration comes with a capacity of 250 kW. As of March 31, 2018, it had 312 MW in total deployed systems and an additional product sales backlog of 108.2 MW.

(USD 1 = EUR 0.86)

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