NZ Super Fund increases stake in Bloom EnergyPosted On: Wednesday, 12 March 2014
The New Zealand Superannuation Fund has made an additional US$50 million investment in Bloom Energy, a maker of on-site power generation systems using fuel cell technology. The Fund made an initial US$50 million investment in Bloom in May 2013.
“We’re pleased to be able to make further investments in Bloom Energy to support the continued growth of the business,” said Matt Whineray, General Manager Investments for the Guardians of New Zealand Superannuation, which manages the Fund.
Mr Whineray said the investment would help the Fund take advantage of increasing demand for energy globally.
“Alongside our traditional energy investments we’re actively diversifying into alternative and non-conventional energy.”
Bloom Energy announced the completion of the company’s first international project at SoftBank’s M-Tower in Fukuoka, Japan in November 2013. Earlier in the year the company opened a large manufacturing centre in Newark, Delaware and completed a number of major projects, including a 6MW deployment at an eBay data centre in Utah.
Bloom Energy has more than 100MW of Bloom Energy Servers installed in the United States.
NZ Super Fund
The NZ$25 billion (US$20 billion) New Zealand Superannuation Fund invests globally in order to help pre-fund New Zealanders’ universal superannuation entitlements. The Fund is managed by a Crown entity, the Guardians of New Zealand Superannuation. For more information see www.nzsuperfund.co.nz.
Bloom Energy was founded in 2001 with a mission to make clean, reliable energy affordable for everyone in the world. Bloom Energy Servers are currently producing power for several Fortune 500 companies including Google, Walmart, AT&T, eBay, Staples and The Coca-Cola Company, as well as notable non-profit organizations such as Caltech and Kaiser Permanente. The company is headquartered in the United States at Sunnyvale, California. For more information, visit www.bloomenergy.com.
Catherine Etheredge, Head of Communications, NZ Super Fund, [email protected], + 64 274 777 501