Video: Bloom Energy unveils new fuel cell system
Bloom Energy, maker of the Bloom Energy Server and power source for data centers of Apple, Equinix, and Intel, filed plans for an initial public offering.
Pricing terms weren't disclosed in the initial filing, but Bloom Energy outlined its financials and customer roster as well as plans to grab more wallet share from enterprise companies.
For the three months ended March 31, Bloom Energy reported revenue of $169.4 million with a net loss of $17.7 million. For 2017, Bloom Energy reported revenue of $376 million with a net loss of $262.6 million.
Bloom Energy converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion. The Bloom Energy Server provides high efficiency energy with lower emissions. Bloom Energy systems are typically installed with electricity sold as a service. The company's customer base includes 25 of the Fortune 100.
The plan for Bloom Energy, which launched its system in 2012 and was highlighted on 60 Minutes in 2010, is to expand its market share among its client base. To date, Bloom Energy has a small portion of enterprise overall energy spending. The company has 312 megawatts of total deployed systems.
According to Bloom Energy, its wares are basically the smart phone of energy production and a way to mitigate issues with electricity grids. The company said:
The Bloom Energy Server parallels the example of smart phones - a single core platform that can be highly personalized to the needs of its user through the addition of any of a wide variety of applications that extend features and provide benefits to the user. Like a smart phone, the Bloom Energy Server is easily customizable and upgradeable to add new energy accessories and capabilities. The Bloom Energy Server is easily integrated into corporate environments due to its aesthetically attractive design, compact space requirement, minimal noise profile and lack of harmful emissions.
With new funding, the company is planning to expand internationally and target data centers, cloud services, healthcare and microgrids as growth opportunities. The data center, healthcare, and retail market have a US market opportunity of $58 billion.
The customer roster for Bloom Energy includes Credit Suisse, Morgan Stanley, Exelon, Apple, Equinix, Intel, AT&T, Disney, Medtronic, FedEx, Lockheed Martin, The Home Depot, and Walmart to name a few.
As of March 31, Bloom Energy had 1,409 global employees and contractors.