Bloom Energy Corporation (NYSE:BE) completed its initial public offering of 18,000,000 shares at a price to the public of $15.00 per share, raising $270 million.
Bloom Energy, which is based in Sunnyvale, California, offers a solid oxide fuel cell product called the "Bloom Energy Server" that converts standard low pressure natural gas or biogas into electricity through an electrochemical process without combustion.
The company says a typical configuration produces 250 kilowatts of power in a footprint roughly equivalent to that of half of a standard 30 foot shipping container, or approximately 125 times more
space-efficient than solar power generation. Bloom has announced a number of large customers, including AT&T, Caltech, Delmarva Power & Light Company, Equinix, The Home Depot, Kaiser
Permanente and The Wonderful Company.
According to the company's S-1 filing, as of March 31, 2018, Bloom had 312 megawatts in total deployed systems, representing an average annual growth rate of approximately 25% since 2014. In addition, as of March 31, 2018, Bloom had an additional product sales backlog of 108.2 megawatts.
Equinix to install 37 MW of Bloom Energy fuel cells
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