Kleiner-Backed Fuel Cell Start Up Seeking $150M At $1.45B Valuation

f?id=49a5cfb814b9b909000ed437

Kleiner Perkins backed Bloom Energy is seeking a $150 million series F round by March 2, according to Venture Wire. The company has a pre-money valuation of $1.45 billion. Venturewire is also reporting that the company’s begun commercial shipments of its fuel cell.

This is provides an interesting test for a theory floated in a PriceWaterhouseCoopers report released today. It’s author, Tim Carey, told us that he thinks it will be tough for companies to raise large amounts of capital this year. As a result companies that have technology that’s ready for commercialization, but can’t afford to build facilities to bring the technology to market could be vulnerable to acquisition. He didn’t mention Bloom.

However, the company wants a big pile of money at a high valuation considering it’s technology is still unproven. If it can get its money by Monday, that would be a good early sign for clean tech companies this year.

Bloom’s description from Kleiner’s website: “Flexible fuel cell system that produces clean, reliable and affordable energy from a wide range of fuels. Bloom’s technology enables consumers to generate their own electricity for less than they pay their utility, and to reduce their carbon emissions by 50-100% per kW depending on the fuel.”

(via Earth2Tech)

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.