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Bloom Energy is raising another $150M

Updated: Fuel cell maker Bloom Energy is raising another $150 million at a pre-money valuation of $2.7 billion, according to DowJones VentureWire. If closed, Bloom Energy will have raised $800 million over its 11-year lifetime and venture investors include New Enterprise Associates, Kleiner Perkins, DAG Ventures and GSV Capital.

The fund raising is being marketed by Advanced Equities. Advanced Equities has also marketed investments in Fisker Automotive, which was also backed by venture investors Kleiner Perkins and New Enterprise Associates. Advanced Equities targets investments from groups of high net worth individuals.

Fisker managed to close hundreds of millions of dollars working with Advanced Equities. Advanced Equities has also been investigated for its fund raising for Fisker.

Bloom is a prime example of a really capital intensive cleantech company. The company could potentially be a game changer for distributed cleaner power generation with its more efficient more well designed fuel cell, but it continues to need lots of capital to scale up manufacturing.

The company broke ground on a new factory on the east coast at the University of Delaware’s campus in Newark, Delaware in April. Bloom also scored a deal to build one of the world’s largest fuel cell farms for Apple in Maiden, North Carolina.

Fuel cells take fuel (natural gas or biogas) and combine it with oxygen and other chemicals to create an electrochemical reaction to produce electricity. Each of Bloom Energy’s next-generation fuel cells produces 200 kW of power right at a building.

9 Responses to “Bloom Energy is raising another $150M”

  1. Jeff X Williams

    From Article…
    Bloom Energy Lawsuit
    “Buried deep in the permit application, in Table 1 on page 161 of a 163-page application, was the number 884. On that page, under penalty of perjury, Bloom officially told the world that its energy servers emit 884 pounds of carbon dioxide per megawatt hour.”

    Also buried on page 161 of the permit application is a Table 2 notation that says these 235 “clean” servers would emit 22.56 pounds of volatile organic compounds (VOCs) per day. But Delaware, like other states, regulates VOC emissions at far lower levels (Maryland, for instance, regulates boat repair shops that emit more than 15 pounds per day). Moreover, if the same amount of power had been generated by combined cycle gas turbines, only 0.249 pounds of VOCs would be emitted daily. That’s 90 times less pollution!
    To top it off, because of the Bloom servers’ low efficiency and high capital cost, Delaware citizens will pay Bloom over $200 per megawatt hour of power delivered to their electricity transmission grid. But in January 2012, the U.S. Energy Information Agency said the projected “levelized” cost of electricity over the next 30 years from advanced gas-fired combined cycle power stations is $65.50 per MWH.