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SUPPLIED [19659005] Bloom Energy successfully obtained an initial public offering on the New York Stock Exchange, reducing the NZ Superintendency Fund's paper loss on its investment in the highly discussed business.
The NZ Superannuation Fund is down a little over a third on its US $ 100 million investment in the US green energy Bloom Energy sector, after the battery company's Fuel had made its debut on the New York Stock Exchange. (IPO) Bloom allowed to evaluate for the first time the market value of Super Fund investment in Bloom.
The Super 38 billion fund invested 100 million US dollars in Bloom and 2013 as part of a series of investments in green technology stocks, including an investment of 47.5 million US dollars in Ogin, an American wind company, was written off last year.
Bloom Energy jumped 66% from its trading price on the New York Stock Exchange, closing at $ 25 US and reducing NZ Super paper loss.
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* NZ Super at least $ 57 million on the second investment 'green tech & # 39;
* Super The fund is suffering from a setback with the strategy of 'capital expansion' after delisting
* Su NZ Super bought at a higher price, confirming for the first time on Thursday that his 100 million US dollars had bought him only 2,587,991 shares of the company.
This means that despite the success of Bloom's IPO, Bloom's share of the Super is worth only $ 64.7 million, or $ 35.3 million ($ 51 million). less than what she paid.
Catherine Etheredge confirmed that under the terms of the IPO, the fund is prevented from selling its Bloom shares for six months.
Bloom's fuel cells are designed to convert natural gas into electricity at customer sites.
They have the added benefit of reducing customers' dependence on the power grid
Customers include Apple, Amazon, Google, and US telephone giant AT & T. [1965] 9007] But critics of society have questioned whether its technology represents an environmental advance that should be subsidized.
Bloom declared a net loss of US $ 281 million until December and acknowledged in his prospectus that his business depended on "discounts, Breitbart published an article in 2012 – before NZ's membership Super – who claimed that its fuel cells produced more emissions than burning gas in combined cycle generators.
Etheredge stated that it did not consider the Breitbart website a credible source of information and that its account would not have been taken into account in the Super Duty due process. -funds.
"We Have Considered the Benefits of Energy Efficiency and Emissions" Wall Street Journal reported this week that Bloom reached US $ 16.7 m settlement in 2014 with a broker of Chicago, Active Equities, which was sanctioned by the US Securities and Exchange Commission in 2012 for exaggerating the soundness of Bloom's finances.
According to the report, Activities Equities had claimed that the Bloom Bloom representatives denied, before its IPO, that two former Equities Business leaders had gone to court to try to cancel a confidentiality agreement that was part of the settlement., but lost this case.
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