Three companies aiming for utility scale solar projects pad their coffers, along with eight other deals we spotted over the past week.
Everyone's jumping on the solar thermal bandwagon these days.
Kennewick, Wash.'s Infinia, Phoenix-based Stirling Energy Systems, and eSolar, based in Pasadena, Calif., all grabbed funding over the past week for their sun-powered technologies.
Infinia and Stirling Energy are both developing Stirling engine-based solar thermal systems, with Infinia pulling in an additional $7 million for its Series B, and Stirling Energy grabbing $100 million for its first round.
Infinia received the extra funds from Foxconn Technology Group and an undisclosed investor. The company previously held a $50 million first close.
For Stirling Energy, the cash comes from Dublin, Ireland's NTR, a developer and operator in renewable energy and sustainable waste management.
NTR is getting a 52 percent stake in Stirling Energy with its investment.
Traditional solar thermal also got a big boost, as eSolar raised $130 million.
This company has the biggest name backer, with Google.org, the philanthropic arm of Mountain View, Calif.-based Google (Nasdaq: GOOG), Idealab and Oak Investment Partners putting up the cash for eSolar's funding round.
Deals we saw over the past week:
- Voorhees, N.J.-based American Water Works (NYSE: AWK) finally made it onto the public market, but pulled in a lower-than-expected $1.25 billion after pricing 58 million shares at $21.50 per share. The company had originally planned to offer 64 million shares at $24 to $26. All of the proceeds from the initial public offering are going to German power company RWE (OTC: RWEOY), which is exiting its water activities (see American Water Works prices below range).
- Albuquerque, N.M.-based Enerpulse, a developer of energy efficient automobile spark plugs, raised $5 million in additional Series B funding from Robeco, part of the Rabobank Group. This latest financing brings the total round up to $10.5 million, including a $5.5 million initial close from Sail Venture Partners and Altira Group.
- Qingdao Land of State Power Environment Engineering, a Chinese wind energy and environmental protection company, raised $5 million from the Aureos China Fund. Qingdao specializes in the production of wind energy turbines and in equipment needed to clean gas and water emissions from power stations.
- Think Global, a Norwegian electric car maker, launched a North American subsidiary, forming the unit as a joint venture with backers Kleiner Perkins Caufield & Byers and RockPort Capital. Think Global will hold a 50 percent stake in the North American venture, with the venture capital firms splitting the remainder (see Think electric cars coming to North America).
- Kennewick, Wash.-based Infinia, a developer of Stirling engine-based solar thermal technology, raised $7 million in additional Series B funding from Foxconn Technology Group and an undisclosed investor. Infinia previously held a $50 million first close, with earlier round participants including GLG Partners, Wexford Capital, Vulcan Capital, Khosla Ventures, EQUUS Total Return, Idealab and Power Play Energy.
- Phoenix-based Stirling Energy Systems, another Stirling-powered solar thermal company, received its first big round of funding, pulling in $100 million. The cash comes from Dublin, Ireland's NTR, a developer and operator in renewable energy and sustainable waste management. NTR is getting a 52 percent stake in Stirling Energy with its investment (see Stirling engines meet solar power in the desert).
- Traditional solar thermal developer eSolar, based in Pasadena, Calif., raised $130 million. No Stirling engines here, just some big-named backers, including Idealab, Oak Investment Partners and Google.org, the philanthropic arm of search giant Google. ESolar said Google.org's January investment of $10 million in the company is included in this funding round (see Going modular with eSolar).
- The U.S. Department of Energy selected projects for up to $50 million in federal funding to modernize the nation's electricity grid. The department said the nine demonstration projects are targeting a 15 percent reduction of U.S. peak load electricity demand. The DOE said the funds would be invested over five years , from fiscal 2008 through fiscal 2012.
- The DOE also selected three small-scale biorefinery projects for up to $86 million in financing in Maine, Tennessee and Kentucky. The DOE said the money would be invested over four years to support the development of cellulosic biorefineries in Old Town, Maine; Vonore, Tenn.; and Washington County, Ky.
- On top of grid improvement and biorefineries, the department of energy is also putting up cash for biomass research. The DOE said up to $7 million is available for projects that can improve the conversion of biomass to advanced biofuels via pyrolysis (see US DOE offering more funds for biomass).
- Broomfield, Colo.-based Real Goods Solar, a residential solar installer, set terms for its planned initial public offering, expecting to sell 5 million shares at $10 to $12 per share. ThinkPanmure, formerly ThinkEquity Partners, is the lead underwriter on the deal. Real Goods Solar is a subsidiary of Broomfield's Gaiam (Nasdaq: GAIA), which will continue to control Real Goods Solar. Gaiam sells environmentally friendly lifestyle products (see Real Goods Solar sets IPO terms).
- Charlotte, N.C.-based solar company Sencera International raised $3.6 million in funding. Sencera said the investment was led by the Quercus Trust. The photovoltaic thin film module and systems developer said it would use the financing to accelerate increases in cell efficiency and to complete process integration of its Viper manufacturing platform.
Browse previous deals here.
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