traffic information | weather | web feeds| mobile
Silicon Valley
Part of the Bay Area News Group
  • Site
  • Web Search by YAHOO!
Home
News
Venture Capital
Personal Tech
The Valley
Hot Topics
Phones/Mobile
Social Networks
Green Energy
Security
Companies
Apple
Google
Facebook
Cisco Systems
Intel
Hewlett-Packard
Oracle
Yahoo
eBay
Gilead Sciences
Adobe Systems
Intuit
Netflix
Electronic Arts
Tesla Motors
Twitter
Zynga
SunPower
Solyndra
Kleiner Perkins
People
Steve Jobs
Larry Ellison
Eric Schmidt
Mark Zuckerberg
Carol Bartz
John Doerr
John Chambers
Paul Otellini
Vinod Khosla
Mark Andreessen
Ron Conway
Biz Stone
Elon Musk
Larry Page
Sergey Brin
Ann Livermore
Marissa Mayer
Sheryl Sandberg
T.J. Rodgers
Mark Hurd
columnists
gmsv
Special Reports
Venture Capital Survey
Salary Survey
Silicon Valley 150
Services
RSS Feeds
Mobile Edition
Widgets
Contact Us
Jobs
Advertising
Archives
Go to MercuryNews.com
Silicon Valley 150
Markets
Stocks
Mutual Funds & ETF's
Sectors
Tools
Overview
Market News
Market Videos
Currencies
International
Treasury & Bonds
Search InvestCenter
Recent Quotes
View Full List
My Watchlist
Create Watchlist
Indicators
Dow Jones Industrial Average
NASDAQ Composite
Standard & Poors 500
NYSE COMPOSITE INDX
Gold
Crude Oil
Bloom Energy Looking for $150 Million in Funding
By: Energy and Capital
Posted on June 08, 2012 at 14:13 PM EDT
Bloom Energy raises share prices in a new round of fundraising.

Startup Bloom Energy Corp. began as Ion America in 2001 amid research by DR. K.R. Sridhar. A year later it became the first cleantech company funded by Kleiner Perkins, and in 2008 the company took off after making its first sale to Google (NASDAQ: GOOG).

Now, the company also supports clients like Apple (NASDAQ: AAPL), Adobe (NASDAQ: ADBE), and Ebay (NASDAQ: EBAY) and is valued at $2.7 billion.

Bloom Energy's main product is its energy servers, known as Bloom Energy Servers or Bloom Boxes, which contain solid oxide fuel cells (SOFCs). These Boom Boxes can use a number of different fuels to produce energy, including natural gas or biomass, and the resultant electricity produces significantly less CO2 emissions than a regular generator.

And they're small enough to provide on-site power, offering the possibility of self-sufficiency to a company.

When Bloom Energy first began shipping Bloom Boxes to Google, the systems produced 100kW of power. Now, the new design produces 200kW.

And the company is continuing to grow. Many have speculated about an upcoming IPO for the company, though officials have offered no indication that this will occur in the near future.

~~EAC_default_box~~

They are, however, planning for another round of funding.

VentureWire revealed today that Bloom Energy will extend the Series G round funding of $150 million that occurred last year in an effort to raise an additional $150 million.

The privately held company will offer shares to investors for $25.76 apiece, up from the $20 per share they traded at recently.

If the company brings in the funding, it will be valued at $3 billion. The closing will occur next week on Friday, June 15.

Bloom Energy is currently working on a large project at the University of Delaware, which is currently planned for 30 megawatts but could expand to 50 megawatts. That would make it the company's largest project.

In addition, it is working in conjunction with SunPower Corp. (NASDAQ: SPWR) to help Apple reach its goal of making its Maiden, North Carolina data center completely renewable by 2013.

Apple was recently criticized by Greenpeace for the amount of coal it uses at its data centers, and it is making the move to remove coal from all three centers.

Bloom will provide the fuel cells for the center while SunPower Corp. will install solar panels at the site.

Bloom's new round of funding will be marketed by Advanced Equities. If it is successful, Bloom will have brought in $800 million in fundraising.



Bloom Energy Looking for $150 Million in Funding originally appeared in Energy and Capital. Energy and Capital, a free 3x-per-week newsletter, offers practical investment analysis in the new energy economy.
Related Stocks:
Adobe Systems, Inc. Apple, Inc. Google, Inc. SUNPOWER eBay, Inc.
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here
  • Terms of Use & Privacy Statement
  • Copyright ©
  • About our Ads
  • Find San Jose jobs
  • About MediaNews Group
  • RSS
  • About Bay Area News Group
  • Site Map

Media News Group