Bloom Energy Survives the First Quarter of 2020
Posted on 05/11/2020
Once a sovereign wealth fund darling, Bloom Energy Corporation had revenue of US$ 156.7 million in the first quarter of 2020, with a net loss of US$ 75.9 million. In a filing, Bloom Energy states, “Due to the uncertainties resulting from the global economic impact of the coronavirus (“COVID-19″), Bloom Energy will not be providing guidance for the second quarter of 2020.”
In the first quarter of 2019, Bloom Energy had revenue of US$ 147 million, accompanied with a net loss of US$ 104.9 million.
Bloom Energy also hired a new chief financial officer – Greg Bloom, who joins from General Electric.
In the first quarter of 2020, Bloom Energy extended and amended its 5% and 6% convertible notes and revealed another US$ 100 million in additional financing. At March 31, 2020, Bloom Energy had total liabilities of US$ 1,571,773,000, while its total assets were US$ 1,312,608,000.
Ethanol Industry
On May 5, 2020, Pacific Ethanol Pekin, LLC, a Delaware limited liability company and indirect wholly-owned subsidiary of Pacific Ethanol, Inc. entered into a Security Agreement in favor of Cortland Products Corporation, as collateral agent for the benefit of the noteholders party to that certain Security Agreement dated December 15, 2016 by and among the Company, the Noteholders and Cortland, as amended, under which PE Pekin granted a security interest in all of PE Pekin’s personal property in favor of Cortland, on behalf of each Secured Party, as security for PE Pekin’s obligations to the Secured Parties. The lien granted under the Pekin Security Agreement is junior and subordinate in priority to the lien granted to CoBank, ACB, a federally-chartered instrumentality of the United States.
Pacific Ethanol and Pacific Ethanol Pekin received loan proceeds pursuant to promissory notes and on April 29, 2020 got US$ 5,973,138 from the SBA’s Paycheck Protection Program.