Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

NZ Super Fund undecided on Bloom Energy stake after IPO docs

NZ Super Fund undecided on Bloom Energy stake after IPO docs filed

By Paul McBeth

June 13 (BusinessDesk) - The New Zealand Superannuation Fund hasn't decided on what to do with its stake in US fuel cell maker Bloom Energy, which yesterday signalled plans to go public.

The NZ Super Fund first invested in California, US-based Bloom in 2013 with a US$50 million stake and followed that up the following year with a further US$50 million but doesn't appear as a substantial shareholder with at least 5 percent. Since its 2001 founding, Bloom has reportedly raised about US$2 billion in debt and equity, and in a filing to the US Securities and Exchange Commission, said it plans to sell US$100 million of stock in an initial public offering and listing on the New York Stock Exchange. Bloom said in a statement the size and price of the offer hasn't been finalised.

The alternative energy company had planned to go public two years ago, but shelved those plans when a federal government subsidy for alternative energy systems was allowed to expire. That tax credit was restored when US President signed off on the federal budget in February, re-opening the door for an IPO.

The NZ Super Fund hasn't decided whether it will hang on to its Bloom stock or use the IPO as a chance to exit.

"As an investor with a long time horizon and ample liquidity the fund is able to pick and choose when it exits from active investments, and will do so to maximise returns for the whole portfolio," a spokeswoman said in an email. "Any decision to exit would be reflective of pricing and any restrictions that may apply to existing shareholders."

In the June 2017 financial year, NZ Super said Bloom's achievements included forming a partnership with Indian natural gas firm GAIL.

Bloom's offer document shows the power cell maker reported a net loss to equity holders of US$262.6 million in calendar 2017, including US$108.6 million of interest costs and a US$15 million unrealised loss on derivatives. The operating loss narrowed to US$157.3 million from US$241 million in 2016, with revenue climbing 80 percent to US$376 million.

(BusinessDesk)


© Scoop Media

 
 
 
Top Scoops Headlines

 

Scoop Turns 19: Once More Unto The Breach!

Alastair Thompson writes: While the fairer intellectual disciplines Science, the Arts and Academia continue to be generously funded by Government, philanthropists and billionaires alike, Journalism of the routine kind - which has for three centuries provided the information infrastructure upon which a pluralist democracy is based - is fast disappearing in a fog of fake news. So then, this is Scoop’s call to arms... More>>

ALSO:

Untruth-In-Packaging: Gordon Campbell On The Media’s Problem With The Trump Circus

After shredding America’s relationships with its traditional G-7 allies, US President Donald Trump is about to sit down to pursue a ‘no nukes for lifting economic sanctions’ deal with North Korea – ie the same trade-off that Barack Obama signed with Iran, and which Trump has just torn up More>>

ALSO:

Gordon Campbell: On Why We Should Be Anxious About Artificial Intelligence

Frankly, the prospect of possibly losing half the existing forms of paid employment to AI does make me feel extremely anxious, given the indifference shown by central government to the downstream social damage caused by the reform process last time around... More>>

ALSO:

Binoy Kampmark: Tom Wolfe The Parajournalist

As New Journalism’s primary advocate, Tom Wolfe headed the field with such experimental forces as Norman Mailer, Truman Capote and Hunter S. Thompson, all dedicated to enriching supposedly factual accounts with excessive flourishes that hurried out the beige in favour of the kaleidoscopic. More>>

 
 
 
 
 
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog