With three more Chinese solar IPOs to watch for this week, we want to fly to Beijing and start a factory ourselves. Plus details of 9 more deals we saw this week.
A few months ago, we pronounced it was a good Time to start a Chinese solar co.
This week's three Chinese solar IPOs to watch for show it's clearly not too late to join the party.
Conspicuously missing from this week's dealflow roundup is any apparent money flowing into corn-based ethanol. With more and more indications that ethanol may be heading for a fall, that's likely a good thing.
In this week's dealflow:
- LDK Solar Co. Ltd., a China-based maker of multicrystalline solar wafers, has filed for a $400 million IPO. It plans to trade on the NYSE under ticker symbol LDK, with Morgan Stanley and UBS serving as co-lead underwriters. Shareholders include Jafco Asia.
- Yingli Green Energy filed to raise up to $350 million in an IPO with underwriters Goldman Sachs (Asia) and UBS Investment Bank. The company designs, manufacture and sells photovoltaic modules. Yingli plans to trade on the New York Stock Exchange under the symbol YGE.
- China Sunergy Co., a solar cell manufacturer in China, has priced its initial public offering of 8,500,000 shares at $11 per share, exceeding the planned price range of $8-10. The shares are to trade on the NASDAQ Global Market as CSUN. Merrill Lynch was the sole global coordinator and bookrunner. Cowen & Company and Jefferies & Company acted as co-managers. China Sunergy sells cells products to Chinese and overseas module manufacturers and system integrators, who assemble its cells into modules for use in various markets.
- EnerNOC, a Boston-based provider of demand response and energy management solutions, has increased its IPO pricing range from $21-$23 per share to $23-$25 per share. It still plans to offer 3.75 million common shares, and to trade on the Nasdaq under ticker symbol ENOC. See our story from February in Greentech investors feel the love.
- Ice Energy of Windsor, Colorado, a company working to shift air conditioning electricity demand, closed $25 million in a Series A Preferred round. Goldman Sachs led the funding round with support from Good Energies, Second Avenue Partners and Sail Venture Partners. The company's IceBear module uses off-peak electricity to make and store ice at night when electricity is cleaner and less expensive. During the day, the system uses the stored ice to chill the AC refrigerant.
- U.S. Geothermal of Idaho entered into an agreement with a syndicate of Canadian investment for gross proceeds of $15 million USD. The net proceeds of the offering are to be used for general working capital. The company is developing a geothermal power project at Raft River, Idaho and conducting exploration activities at Neal Hot Springs, Oregon.
- VENOMIX of Kalamazoo, Michigan completed a first round of venture financing of an undisclosed amount with Southwestern Michigan First Life Science Venture Fund. The company is developing insecticides based on the peptides spiders use to kill their prey. The company will locate in the Southwestern Michigan Innovation Center in Western Michigan University's Business Technology and Research Park.
- Bio Solutions Manufacturing of Las Vegas announced its intent to offer $31M in senior secured notes. The company makes microbiological products for waste bioremediation. The company says its products are used by many municipal collection systems and food service facilities in the United States.
- Fuel cell maker Neah Power Systems said it satisfied the minimum requirements of its $6 million - $12 million, minimum/maximum underwriting agreement with Empire Financial Group. The underwriter released the funds received-to-date from escrow. The pricing was $0.55 for the common shares and warrant coverage of 75% in three equal tranches of $1.10 per share, $1.60 per share and $2.00 per share. Neah is a micro fuel cell development company purusing fuel cells for notebook PCs and other power-hungry computer, entertainment, and communications products.
- Thermal Energy International of Ottawa completed an institutional private placement with gross proceeds of $1 million CDN. The syndicate was led by Whitebox Investment Advisors of Minneapolis. Thermal Energy provides custom emission reduction and bioenergy solutions.
- Battery maker Ener1 completed a private placement of $2.0 million from an unnamed institutional hedge fund. Ener1 is making lithium ion batteries for hybrid electric vehicles through its EnerDel subsidiary.
- It feels like ancient news since the story broke last Friday (see Ira Ehrenpreis joins Tesla's board, co-leads new $45 round) but for the dealflow record: Tesla Motors of San Carlos, California raised $45 million in Series D funding. Technology Partners and Elon Musk co-led the deal, and were joined by Capricorn Investment Group and return backers Vantage Point Venture Partners, Draper Fisher Jurvetson, JP Morgan Bay Area Equity Fund, Valor Equity Partners and Compass Venture Partners. Tesla raised a $40 million Series C round last summer.
News? Deal insight? Scuttlebutt? Contact us.
Browse previous dealflow roundups here.
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