Bloom Energy, a US-based fuel cell system provider backed by utility Eon, filed for a $100m initial public offering yesterday.
Founded in 2001 as Ion Energy, Bloom produces solid oxide fuel cells that convert gas into electricity. The company primarily installs its on-site stationary power generation technology, Bloom Energy Server, in commercial and industrial premises.
The company had deployed a cumulative 300 megawatts by March 2018. It was previously reported to have confidentially filed for an IPO in 2016, but has not made any funding announcements since then.
Bloom has not made any specific plans for what it intends to do with proceeds from the IPO.
The company was valued at $2.9bn as of a $150m series G round in 2011, but GSV Capital sold its stake, sized at less than $3m, in 2016 at a reported 42.7% drop in valuation.
Eon led a $130m series G extension in 2013 that brought Bloom’s total funding to approximately $1.2bn. The company subsequently raised another $130m in 2015 from unnamed investors.
KPCB is currently the largest external shareholder, with a 15.9% stake. Kuwait Investment Authority, the sovereign wealth fund of Kuwait, holds 10.7%, while New Enterprise Associates owns 8.8%.
Alberta Investment Management has a 7.5% stake, while Advanced Equities Financial owns 6.5%.
Bloom’s other shareholders include Credit Suisse, Goldman Sachs and Morgan Stanley, Apex Venture Partners, TriplePoint Capital, Madrone Capital, DAG Ventures and New Zealand Superannuation Fund.
JP Morgan, Morgan Stanley, Credit Suisse, KeyBanc Capital Markets, Bank of America Merrill Lynch, Baird Cowen, HSBC, Oppenheimer and Raymond James are acting as underwriters for the proposed offering.