Bloom Energy Worth $1.45B? Fuel Cell Maker Seeks $150M Series F
If Kleiner Perkins-backed startup Bloom Energy was “close” to unveiling its fuel cell four months ago, when the company headlined the New York Times Magazine, it’s now within inches. Back then, a reporter who spoke with tight-lipped Bloom CEO K. R. Sridhar and Kleiner VCs concluded that the startup “will almost certainly have a commercial product ready within a year or two.”
Bloom has never been forthcoming with details (unusually so for a company at this stage), and it didn’t confirm the one-to-two-year plan. But documents obtained by VentureWire now suggest the window was a lot wider than they needed. VentureWire (subscription) today reports that Bloom claims to have begun commercial shipments and plans to close a $150 million Series F round of financing by March 2. The offering is based on a pre-money valuation of $1.45 billion, according to VentureWire.
What’s the gameplan? For revenue, Bloom plans to not only sell and lease its 5 KW Bloom boxes (which the Kleiner site describes as “a flexible fuel cell system that produces clean, reliable and affordable energy from a wide range of fuels,” reducing carbon emissions by 50-100 percent per kilowatt) but also enter power-purchasing agreements. Those agreements will be made through an as-yet unnamed wholly owned subsidiary. Within 4-5 years, the company aims to build a multibillion dollar business, says VentureWire. True to stealthy form, Bloom chose not to comment on the dates, valuation or strategy.
went to the website LOL! I think they sell Tony Robbins motivation tapes.
The Reinhardt turbine achieves greater efficiency and it costs only $10 per KW. The technology is on full display at the company website.
This is great…so if the folks at vv-tec have proved this technology to work, and can achieve the stated 60% efficiency thereby bypassing the Carnot cycle limitations, then why isn’t this technology in commercial use? The rest of the green-eyed gang is pursuing wind/solar/biomass, and neglecting this important breakthrough? Could it be (wild guess) that the Co2 emissions story isn’t that great with the Reinhardt engine?
need a home to test the bloom box on in kentucky, I got one.
I’ve got the ideal private home to act as a test site
Somebody please email me as soon as Bloom Energy hits Wall Street and starts selling its Series F!!! I want some!! Like others said, it will be part of the alternative energy pie that will power everyone in the future!!
I HOPE SOMEONE LETS ME KNOW HOW & WHEN I CAN BUY STOCK WOULD LOVE TO GET IN ON THE GROUND FLOOR
[...] of fuel cell technology capable of deriving energy from a wide range of fuels, announced that it plans to raise $150 million in sixth-round capital to establish a market for its product — which has yet to launch. The Sunnyvale, Calif. [...]
[...] In this capital-poor environment — the Cleantech Group reported earlier this week that first quarter venture investments fell 41 percent from the fourth quarter of 2008 — Lilliputian’s funding is the latest sign that energy-storage startups seem to be making out pretty well, especially those targeting the consumer market. During the first three months of 2009, lithium-ion battery startup Boston Power raised $55 million, lithium-ion anode technology company Nexeon raised $14 million and ReVolt Technology raised $13 million for its zinc-air battery technology. Meanwhile, Bloom Energy is reportedly near to closing a $150 million round. [...]
[...] variables will factor into the success of these devices as they become available — reportedly within the next year or two. Key issues could include the upfront cost of the devices, reliability and the relative ease of the [...]
[...] capital,” compared to other venture companies Kleiner partner Doerr noted recently — and reportedly raised money last year at a pre-money valuation of $1.45 billion. The company has been reported to have started commercial [...]
[...] compared to other venture companies Kleiner partner Doerr noted recently — and reportedly raised money last year at a pre-money valuation of $1.45 billion. the company [...]