Smart grid and solar IPOs

May 3, 2007 - Exclusive
By Dana Childs, Cleantech Group

Cleantech IPOs keep coming.

Last week we brought you word of two pending biofuel offerings. This week, two more companies are prepping to trade on the Nasdaq.

This week in cleantech/greentech dealflow:

  • EnerNOC, a Boston-based provider of demand response and energy management solutions for the grid, has set its proposed IPO terms (see Cleantech.com's Greentech investors feel the love) to 3.75 million common shares being offered at between $21 and $23 per share. It plans to trade on the Nasdaq as ENOC, with Credit Suisse and Morgan Stanley serving as co-lead underwriters. The company has raised around $28 million in VC funding. Shareholders include Foundation Capital, Draper Fisher Jurvetson, Braemar Energy Ventures and DFJ New England.
  • GT Solar International, a Merrimack, N.H.-based provider of manufacturing equipment and solutions for the photovoltaic industry, has filed for a $200 million IPO. It plans to trade on the Nasdaq as SOLR, with Credit Suisse and UBS serving as co-lead underwriters. Shareholders include GFI Energy Ventures, Oaktree Capital Management and the RBC Global Energy Fund.
  • Moser Baer of India plans to raise up to $150 million through debt or equity issue to fund the company's expansion plans, the company said in a statement. While best known as an optical storage device maker, the company is diversifying into solar manufacturing. During the last quarter, the company established a wholly owned subsidiary, Moser Baer Investments, for acquiring a 100 percent stake in its Photovoltaic Holdings Plc and Moser Baer Solar Plc in the Isle of Man.
  • "Smart grid" wireless network developer Arcadian Networks announced the closing of the last tranche of their $90mm Series A round with an additional $30mm from Goldman Sachs. Other participants in the full round included Gilo Ventures and Clal Industries and Investments.
  • Segetis, a Plymouth, Minn.-based renewable chemical company, closed the $15 million Series A funding from Khosla Ventures that we first mentioned in March (see Cleantech.com's Biofuel financing one-upmanship). The company is purusing high value non-fuel chemicals from agricultural and forestry feedstocks.
  • Pentadyne Power, a Chatsworth, California-based maker of flywheel power systems, said that it plans to float on London’s AIM exchange late next month. The offering is designed to raise up to $30 million, which would give Pentadyne a market cap of approximately $100 million. It has raised around $29 million in VC funding since 2001, from firms like Accera Venture Partners, Nth Power, DTE Energy, Rustic Canyon Partners and Sempra Ventures. Pentadyne competes with Beacon Power and SatCon, among others.
  • Oree Inc., an Israel-based developer of optical packaging for the LED market, raised $7 million in Series A funding. Genesis Partners led the deal, and was joined by GIMV.
  • Sonic Environmental Solutions of Vancouver closed a private placement. The financing, led by Clarus Securities, raised gross proceeds of $4,528,800 CDN. Net proceeds are to be used to fund R&D on additional applications for the Company's core technologies, working capital and general corporate purposes. The company uses patented sonic generators, the only large scale industrial application of sonic energy, to remediate soils contaminated with persistent organic pollutants such as PCB.
  • Pasteuria Bioscience, a Florida-based agricultural biotech company, raised $5.3 million in Series B funding. LSP BioVentures led the deal, and was joined by return backers Advantage Capital and Gordon River Capital. Pasteuria focuses on products that can help reduce plant parasitic nematodes in agricultural and turf markets.
  • Marrone Organic Innovations, a Davis, California-based maker of organic weed and pest control products, raised $3.75 million in Series A funding. Clean Pacific Ventures led the deal, and was joined by One Earth Capital, Saffron Hill Ventures, Calvert Social Investment Fund and Wavepoint Ventures.
  • The same week that Thermal Energy International closed a non-brokered private placement raising gross proceeds of $656,000 CDN, the Ottawa-based company issued word that it's accepting a further $1 million institutional private placement from a consortium of unnamed investors including Canadian and U.S. hedge funds. The company provides custom energy and emission reduction equipment, as well as bioenergy solutions. A total of 30 participants took part in its first private placement earlier in the week.
  • Climate Change Capital acquired Quality Tonnes, a Washington, D.C.–based carbon consultancy, methodology developer and project originator. No financial terms were disclosed.

Browse previous dealflow roundups here.

Have insight into deals? Tips are always welcome!


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