Fuel Cell manufacturer Bloom Energy is reportedly raising a further $150 million on a pre-money valuation of $2.7 billion. If this latest funding round goes through, Bloom will have raised a massive total of $800 million during its 11 years of existence.
The California–based company makes fuel cell power generators that take natural gas and create electricity, but avoid burning the fuel. The company has sold its Bloom Energy Servers, as it calls them, to high profile clients including Google, Apple, AT&T, among others.
The new funding and valuation will make Bloom Energy one of the highest valued pure-play companies (public or private), in the cleantech sector. If the deal goes through, Bloom will be valued at around $3 billion. This would be significant for a private cleantech energy company, as the average market capitalization of energy storage and stationary power companies trading on public stock exchanges is $433.5 million, according to Dow Jones.
The cleantech company is aiming to scale up production of its fuel cells, which has obviously required a great deal of capital so far. Bloom Energy has started work building a new factory at the University of Delaware campus a couple of months ago. The factory is set to generate hundreds of jobs for the state. One of the company’s main clients on the east coast will be Delmarva Power & Light, a local Delaware utility. The deal with Delmarva is the single biggest fuel cell buy from a U.S. utility so far.
Investors in Bloom Energy have included the likes of Kleiner Perkins Caufield & Byers, DAG Ventures, New Enterprise Associates, and Morgan Stanley.