Related Party Transactions

9 Months Ended

Sep. 30, 2020

Our operations included the following related party transactions (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019

Total revenue from related parties	$	742	$	66,658	$	2,672	$	149,012
Interest expense to related parties	353		1,605		2,513		4,823

Bloom Energy Japan Limited

In May 2013, we entered into a joint venture with Softbank Corp., which is accounted for as an equity method investment. Under this arrangement, we sell Energy Servers and provide maintenance services to the joint venture. For the three months ended September 30, 2020 and September 30, 2019, we recognized related party total revenue of $0.7 million and $1.0 million, respectively. For the nine months ended September 30, 2020 and September 30, 2019, we recognized related party total revenue of $2.7 million and $2.5 million, respectively. Accounts receivable from this joint venture was immaterial as of September 30, 2020 and $2.4 million as of December 31, 2019.

Debt to Related Parties

We had no debt or convertible notes from investors considered to be related parties as of September 30, 2020.

The following is a summary of our debt and convertible notes from investors considered to be related parties as of December 31, 2019 (in thousands):


	Unpaid Principal Balance		Net Carrying Value
			Current		Long- Term		Total

Recourse debt from related parties:
6% convertible promissory notes due December 2020 from related parties	$	20,801	$	20,801	$	—	$	20,801
Non-recourse debt from related parties:
7.5% term loan due September 2028 from related parties	38,337		3,882		31,088		34,970
Total debt from related parties	$	59,138	$	24,683	$	31,088	$	55,771

In November 2019, one related-party note holder exchanged $6.9 million of their 6% Convertible Notes at the conversion price of $11.25 per share into 616,302 shares of Class A common stock. On March 31, 2020, we issued $30.0 million of new 10% Convertible Notes to two related-party note holders. In May 2020, the 7.5% term loan note holder ceased to be considered a related party. We made no payments to this note holder prior to them terminating their related party relationship with us in the three months ended September 30, 2020, and we paid $0.5 million on this non-recourse 7.5% term loan principal

balance in the three months ended September 30, 2019. We paid no interest and $0.8 million of interest in the three months ended September 30, 2020 and September 30, 2019, respectively. We repaid $2.1 million and $1.7 million of the non-recourse 7.5% term loan principal balance in the nine months ended September 30, 2020 and September 30, 2019, respectively, and we paid $0.7 million and $2.3 million of interest in the nine months ended September 30, 2020 and September 30, 2019, respectively. In August 2020, NEA, Foris Ventures, LLC, and KPCB converted their notes of $33.9 million, $10.0 million and $6.9 million, plus accrued and unpaid interest, into 4.2 million, 1.3 million and 0.9 million shares of Class B common stock respectively. All of the noteholders subsequently converted their shares into Class A common stock during August and September 2020. The unamortized premium of $2.3 million was reclassified to additional paid in capital. See Note 7, Outstanding Loans and Security Agreements for additional information on our debt facilities.