Bloom Energy Raises $130 Million for Fuel Cell Expansion

Fuel cell technology involves clean and efficient conversion of chemical energy into electrical power in an electrochemical process that is virtually free of pollutants. Due to absence of combustion, almost no harmful emission is generated by the fuel cells.

Bloom Energy Inc. is among the most well-capitalized venture-backed clean-tech companies, which employs fuel cell technology to convert natural gas into electricity. Bloom’s power-producing units are placed in office buildings, data centers and other client locations. The company enters into long-term contracts with clients to supply clean power.

While Bloom Energy appears ripe for raising funds through an initial public offering (IPO), the company has currently chosen to raise more capital through private investors. Having already raised more than $1.2 billion in equity since its inception in 2001, the company has been looking to raise $160 million in the form of convertible. Out of this amount, $130 million was already raised last month.

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Vikas is a staff writer for the Sustainable Development news and editorial section on Justmeans. He is an MBA with 20 years of managerial and entrepreneurial experience and global travel. He is the author of "The Power of Money" (Scholars, 2003), a book that presents a revolutionary monetary economic theory on poverty alleviation in the developing world. Vikas is also the official writer for an international social project for developing nations "Decisions for Life" run in collaboration between the ILO, the University of Amsterdam and the Indian Institute of Management.