- General
- June 14, 2018
- 3 minutes read
Sunnyvale based Fuel Cell Startup Bloom Energy files for IPO
image credit : Bloom Energy Bloom Energy, The Silicon Valley fuel cell energy startup which provides cost-effective and sustainable energy…
image credit : Bloom Energy
Bloom Energy, The Silicon Valley fuel cell energy startup which provides cost-effective and sustainable energy for different organizations around the world and was last valued at $2.9 Billion in its most recent private round of funding, Having raised a total of $2 Billion in both equity and debt financing has now filed to go public in an IPO which is targeted to raise $100 million on the NYSE stock market.
The company submitted its S-1 filing this Tuesday with the Securities and Exchange Commission and intends to trade under the initials “BE”.
Bloom Energy which is backed by a number of notable names with major shareholders including Kleiner Perkins, New Enterprise Associates and also the Kuwaiti Investment Association amidst a number of other investors in the company which made revenues of 376 million last year representing a huge year-on-year increase in annual revenue.
Bloom Energy isn’t yet profitable but is slated to turn a profit in future time amidst very huge growth whilst posting a loss of $263 million due to huge incurred expansion costs.
Bloom was founded in 2002 by K. R. Sridhar who is a notable name in the engineering and energy space having been director of the Space Technologies Laboratory at the University of Arizona, Bloom Energy’s inexpensive and clean energy technology required huge investment to build and the company was started with a huge $400 million investment from notable investors including Vinod Khosla and Kleiner Perkins.
Bloom Energy which produces the Bloom Box which is an environmentally friendly fuel cell product currently counts Kleiner Perkins’ partner John Doerr and former Cisco executive chairman John Chambers as members of its board and has a total headcount of over 1,400 employees.
Bloom Energy also counts a huge number of notable companies among its client list consistinf of companies like Equinox, AT&T, Adobe, and Home Depot amongst other customers.
