Real Goods Solar files for an IPO, while Suniva and Odersun raise some cash, along with four other deals spotted over the past week.
Maybe it's not such a bad time to go public, especially for solar.
Broomfield, Colo.-based solar installer Real Goods Solar is giving it a shot with a filing to raise up to $57.5 million in an initial public offering on the Nasdaq.
The move follows the lackluster performance of Chinese solar wafer maker ReneSola's (NYSE: SOL) debut on the U.S. market last week.
ReneSola raised $130 million, but its opening price of $13 per share stayed mostly flat on its first day, and the shares were down at $11.81 in early trading today.
Two more solar companies also announced deals this week, with Atlanta-based Suniva pulling in $50 million in a second round of funding, and Frankfurt, Germany's Odersun raising $59 million in Series B cash.
Deals we saw over the past week:
- Broomfield, Colo.-based Real Goods Solar, a residential solar installer, filed to raise up to $57.5 million in an initial public offering on the Nasdaq. ThinkEquity Partners is the lead underwriter on the deal. The company plans to use $19.8 million of its expected proceeds to repay amounts owed to parent Gaiam (Nasdaq: GAIA), a lifestyle media company. Real Goods said the remainder of the cash would go toward working capital and general corporate purposes, which it said could include future acquisitions.
- Energy Investors Funds and Enpower acquired Wixom, Mich.-based Landfill Energy Systems, owner and operator of 18 landfill gas-to-energy projects located in nine states. Financial terms were not disclosed. Landfill Energy Systems' portfolio includes developed projects generating over 96 megawatts of electricity, with another 9.6 MW under construction and over 29 MW in late-stage development.
- Advanced Technology Ventures, a venture firm based in Palo Alto, Calif. and Waltham, Mass., closed its eighth fund at $303 million. The company invests in cleantech, Internet and computing technologies, communications, and healthcare.
- Ecolab (NYSE: ECL) agreed to acquire Ecovation, a Victor, N.Y.-based provider of renewable energy solutions and effluent management systems for the food and beverage market. Ecolab will pay $210 million, but the net purchase price will be $170 million after the sale of $40 million in long-term lease receivables. Ecovation has raised around $19.7 million in venture capital funding from firms including Roser Ventures, Sterling Partners, Cordova Ventures and Cayuga Venture Fund.
- Atlanta-based solar cell manufacturer Suniva raised $50 million in a second round of funding. Advanced Equities and return investor New Enterprise Associates co-led the round, joined by Goldman Sachs unit Cogentrix Energy, H.I.G. Ventures and Quercus Investments.
- Odersun, a Frankfurt, Germany-based maker of thin-film solar products for power plants and building integrated solutions, raised $59 million in Series B financing. Virgin Green Fund and AGF Private Equity co-led the round, joined by return investors Doughty Hanson Technology Ventures and China's Advanced Technology & Materials.
- Israeli startup EnStorage reportedly completed a $2 million financing round from Greylock Partners, Canaan Partners, and Siemens Venture Capital. EnStorage is developing a low-cost regenerative fuel cell energy storage system for leveling power grid load and for use in solar and wind power generation plants.
Browse previous deals here.
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These new Solar IPOs have a long way to go to beat Phoenix Arizona based First Solar. In 2007 they went from $10 a share to over 270. They don't use any silicon and are sold out for the next 2 years.
The China based solar companies look very dim compared to great American pure play leaders like Evergreen solar ESRL and Sun Power SPWR. All American companies can compete and win but we have to get our priorities straight first.
Solar energy doesn't make any pollution or use any water and the fuel is free. Compare that to coal which still supplies over 50% of the electric in the USA. Or Natural gas that was used for almost every peaking power plant built in the last 10 years. Or even nuclear that is the most expensive power ever made, uses lots of water and mades radio active waste we have to store for thousands of years.