Bloom Energy Corp. filed with the SEC to register class A common stock for a proposed initial public offering on the New York Stock Exchange to raise $100 million in capital.
The Sunnyvale, Calif.-based fuel cell manufacturer has not yet determined the number of shares it may offer in the IPO or the price range per share. In a brief news release, the company said the proposed offering will only be made by a prospectus.
In the SEC filing, Bloom Energy said it fit the definition of an "emerging growth company," and asked to be listed under the symbol BE.
As of March 31, Bloom Energy had 312 MW of fuel cell systems deployed, primarily among large commercial and industrial customers in 11 U.S. states, India and Japan, according to SEC filing. Its product sales backlog totaled more than 108 MW as of March 31. It sees the U.S. electricity market for commercial and industrial customers at $212 billion and the 10 largest international markets together at more than $600 billion.
J.P. Morgan and Morgan Stanley are acting as joint lead book-running managers. Credit Suisse, KeyBanc Capital Markets and Bank of America Merrill Lynch are acting as book-running managers. Baird, Cowen, HSBC, Oppenheimer & Co. and Raymond James are acting as co-managers.
