- Press Releases
July 11 (Renewables Now) - California-based fuel cell company Bloom Energy Corp is looking to raise up to USD 310.5 million (EUR 264.7m) in its initial public offering (IPO).
Bloom, which filed for an IPO on the New York Stock Exchange in June, on Monday said it is offering to sell 18 million shares of its Class A common stock at a price of between USD 13 and USD 15 per share. The underwriters have the option to buy up to an additional 2.7 million shares. The IPO could value the company at about USD 1.6 billion.
The company expects net proceeds of USD 229.8 million, based on the midpoint of the price range, or USD 264.9 million if the underwriters' option to purchase additional shares is exercised in full. According to the filing with the US Securities and Exchange Commission (SEC), it plans to use the proceeds for general corporate purposes, including research and development and sales and marketing activities, general and administrative matters and capital expenditures. Bloom said that the main purpose of the IPO is to invest in its business, create a public market for its securities in the US and facilitate its access to the public equity markets.
Some of the company's directors and affiliated stockholders have indicated an interest in buying a total of up to USD 50 million in shares.
Bloom 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.
Last year, Bloom booked a net loss of USD 281.3 million on revenues of USD 376 million.
(USD 1 = EUR 0.852)