Bloom Energy Announces Exchange of $112.8 Million in 2025 Notes for New 2029 Convertible Notes

On May 7, 2025, Bloom Energy Corporation entered into privately negotiated exchange agreements with certain holders of its 2.50% Green Convertible Senior Notes due 2025. The company exchanged approximately $112.8 million in principal of the 2025 Notes for approximately $115.7 million of new 3.00% Green Convertible Senior Notes due 2029.

The 2029 Notes are senior unsecured obligations maturing on June 1, 2029, and bear interest at 3.00% per annum, payable semi-annually. The notes are convertible into cash, shares of Bloom’s Class A common stock, or a combination thereof, at the company’s discretion. The initial conversion price is $20.84 per share, subject to adjustment, with early redemption possible beginning June 7, 2027, under certain conditions.

The notes were issued under Section 4(a)(2) of the Securities Act and are not registered securities. If fully converted, the 2029 Notes could result in the issuance of up to approximately 7.36 million shares of Class A common stock. Following this transaction, $2.2 million of the 2025 Notes remain outstanding alongside $518.2 million of the 2029 Notes.

Bloom Energy issued a press release on May 8, 2025, detailing the exchange transaction.