Fuel cell developer Bloom Energy raises $130m in venture capital


Fuel cell maker Bloom Energy has raised $130m in new funding with the majority coming from an unnamed venture capital firm.

According to Fortune, an unidentified new investor provided the first $100m while Credit Suisse provided the remaining $30m.

Existing investors did not participate in this round, which was structured as an extension to the company’s previous Series G round which closed on $150m in 2011 at a $2.7bn pre-money valuation.

The company has now raised more than $1.1bn in venture capital funding, including investments from Kleiner Perkins Caufield & Byers, New Enterprise Associates, Advanced Equitives, DAG Ventures, and Goldman Sachs.

Fortune previously reported that Bloom’s retained earnings through the third quarter of 2012 stood at a loss of $873m, and that it had only $113m left in cash.

At the time, however, Bloom CFO Bill Kurtz said the company had become gross margin positive – on a pro forma basis – and was ‘operating with a fully funded business plan’ as well as ‘on track with our goal to be profitable in 2013’.

The company was recently fined by the US Department of Labor for paying a group of Mexican nationals working at the company’s Silicon Valley headquarters, via work visas, less than minimum wage.

Copyright © 2013 NewNet