June 13, 2018 / 12:06 AM / a year ago

Fuel cell start-up Bloom Energy files for IPO

(Reuters) - Bloom Energy Corp, a startup that makes fuel cell boxes which can power an entire building, filed for an initial public offering with the U.S. Securities and Exchange Commission late on Tuesday.

The Sunnyvale, California-based company has applied to list its Class A common stock on the New York Stock Exchange under the symbol “BE.”

The regulatory filing here showed the company intends to raise up to $100 million in the IPO, though the amount in the first filing is usually a placeholder.

Bloom servers, also called Bloom boxes, can provide 250 kilowatts to up to tens of megawatts - enough to power a university, corporate campus or data center, among others.

Bloom Energy’s full-year 2017 revenue rose 80 percent to $375.9 million, while the company’s net loss narrowed to $281.3 million from $336.3 million in 2016.

The U.S. Congress in December extended tax credits to makers of fuel cells, which is expected to boost profits in the industry.

JPMorgan, Morgan Stanley, Credit Suisse, KeyBanc Capital Markets and BofA Merrill Lynch are among lead underwriters to the IPO.

Reporting by Nikhil Subba in Bengaluru; editing by Shailesh Kuber and G Crosse

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