Big power company Constellation to finance Bloom Energy’s fuel cells by Katie Fehrenbacher @katiefehren AUGUST 12, 2015, 9:00 AM EST / Fortune
Remember Bloom Energy? The 14-year-old Valley startup has been mum for awhile, but has a new deal with a power company. No word on any IPO.
One of the largest power companies in the U.S. is doubling down on funding the deployment of fuel cells by Silicon Valley startup Bloom Energy. Fuel cells are large devices that generate electricity through a chemical reaction and are usually installed close to a building that uses the energy.
Constellation, which is owned by Fortune 500 company Exelon EXC -2.34% , plans to provide equity financing to deploy 40 megawatts worth of fuel cells made by Bloom Energy. The forty megawatts would come from 170 fuel cell projects and is enough energy to power 32,000 average homes per year.
Hey Jack do you want to share your stock portfolio with the taxpayers of Delaware. And what about the Delmarva customers being force to subsidize Bloom through the King Markell backdoor tax! Do we get a share of the IPO?
Despite the positive nature of the news, it’s unclear how well Bloom Energy is doing in the marketplace or if the company has yet reached profitability. The company has no shortage of interested customers — from Adobe to eBay to Softbank — but whether or not those sales have turned into an economically sustainable business, remains to be seen.
Perhaps Governor Jack Markell can share the Bloom Box output efficiency reports.