Bloom Energy piles on even more funding
Gigaom, January 20, 2015
Silicon Valley fuel cell startup Bloom Energy is looking to raise another $160 million in convertible notes, and has closed on $130 million of that round, according to a report in the Wall Street Journal’s Venture Capital Dispatch. The fourteen-year-old company has already raised $1.2 billion, and had been expected to have already held an IPO by now.
Fuel cells are large devices that take a fuel (usually natural gas or biogas) and oxygen and run these substances through a chemical reaction (using a catalyst and stacks of materials) to create electricity. It’s set up like a battery (with an anode, a cathode and an electrolyte) but it generates energy, instead of storing energy like a battery does.
Companies and utilities can buy the fuel cells (or buy the power from the fuel cells) to run their services without connecting to the power grid. Using natural gas and biogas as a fuel they can also lower their carbon emissions footprint and meet internal sustainability goals, or state or federal mandates.