The Bloom Energy fuel-cell wild card

Late last year, The Wall Street Journal reported that Bloom submitted a confidential registration for its IPO with the Securities and Exchange Commission. The report cited “people familiar with the matter.” This action by Bloom falls under the Jumpstart Our Business Startups Act, which allows confidential filings for companies with less than $1 billion in revenue.



So, the only news was that Bloom had less than $1 billion in revenue last year. GTM has already reported that the structure of some 2015 notes suggested that we should be hearing more about Bloom’s IPO right about now.

The energy company has raised more than $1.2 billion since 2001, from investors including the New Zealand Superannuation Fund, KPCB, NEA, Goldman Sachs, DAG, GSV Capital, Apex Venture Partners, Mobius Venture Capital, Madrone Capital and SunBridge Partners.

Board members include John Doerr of KP and former U.S. Secretary of State Colin Powell.

Bloom builds fuel cells of the solid-oxide variety with natural gas as the fuel. There is no heat resource in the Bloom Box as in other CHP fuel cells. The 200-kilowatt units are intended for commercial and industrial applications, and the firm boasts an all-star list of customers, including Adobe, FedEx, Staples, Google, Coca-Cola and Wal-Mart.

Bloom’s most recent $2.9 billion VC valuation dwarfs the collective market cap of the public fuel-cell firms, and its revenue might be greater than the collective revenue of those other firms.

The 15-year-old startup claims to have installed more than 200 megawatts of its Bloom boxes in the U.S. We’ll look for the details in the company’s highly anticipated S-1.

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