Former General Electric CEO Jeff Immelt has dropped $1 million on 70,000 shares of Bloom Energy at an average share price of $14.86, according to an Securities and Exchange Commission filing.
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Immelt, who is now a partner at venture capital firm NEA, joined Bloom Energy’s board of directors in November and now owns 110,058 shares of the company.
“Bloom is the most exciting energy platform of this era,” Immelt said in a statement to FOX Business. “The world is demanding clean, flexible and resilient power generation today. Bloom is filling that demand. In the near future, Bloom’s technology can expand into the fast growth marine, carbon capture and hydrogen markets. I’ve watched these markets for decades, and I know that new technologies take time to develop. Bloom has set a strong foundation and the best days are ahead.”
Immelt’s purchase of Bloom Energy stock is his first on the open market as a company insider. The other shares he owns were received as restricted stock units granted for his service as a director.
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Bloom Energy shares have more than doubled this year after the stock was given a boost by a deal with Samsung Heavy Industries to design and develop fuel-cell-powered ships.
The company manufactures and markets solid oxide fuel cells that produce electricity. It was founded in 2001 and was originally named American Ion. In 2010, after nearly a decade in development, re-christened Bloom Energy unveiled its “Bloom Box” in primetime on the CBS News magazine, “60 Minutes.”
Bloom Energy went on to raise more than $1 billion in venture capital funding. It went public in 2018. The stock has had a rollercoaster ride since then, dropping from its $15 IPO price to less than $3 a share last fall rebounding with the Samsung deal.
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Shares of the stock previously tumbled in March when Bloom Energy said it would be restating past results that were worse than expected, sliding as low as $3 in the days after the announcement.
Bloom Energy stock is trading around $16 per share Wednesday as of the time of publication.
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