Sun worshipers lead the week

June 26, 2008 - Exclusive
By David Ehrlich, Cleantech Group

Fundraising isn't just for solar manufacturers anymore.

San Francisco-based SunRun, a solar installer, raised $12 million in a round led by Foundation Capital. SunRun said it offers power purchase agreements for its solar installations, with homeowners avoiding a large capital investment in the system.

But solar manufacturers and developers are still in the game, with SolFocus, a Palo Alto, Calif.-based maker of solar concentrator photovoltaic systems, is reportedly raising between $60 million and $80 million in Series C funding.

Stuttgart, Germany's Sinosol, which sells solar power systems and turnkey solar power parks, also made the news, announcing that it has postponed its planned initial public offering on the Frankfurt Stock Exchange.

The company cited the current volatility of the capital market for the delay, but said it still intends to go public in order to finance its future growth.

Sinosol had planned to raise €79 million in the offering, including the overallotment option.

Deals we saw over the past week:

  • Charlotte, N.C.-based Duke Energy (NYSE: DUK) acquired Rutland, Vt., wind developer Catamount Energy for approximately $240 million plus assumed debt. Duke said Catamount Energy has approximately 300 megawatts of renewable energy in operation, with 1,750 MW of development interests in several states and the U.K. Duke purchased the wind developer from Diamond Castle Holdings, a New York private equity firm (see Duke Energy buys wind developer for $240M).
  • London's GDCM, a provider of energy efficient data center management solutions, has raised a "multi-million dollar" investment from Balderton Capital. The company said the financing would be used for international growth. GDCM said it has developed solutions that allow organizations to manage power consumption and forecast greenhouse gas emissions.
  • Stuttgart, Germany-based Sinosol, which sells solar power systems and turnkey solar power parks, has postponed its planned initial public offering on the Frankfurt Stock Exchange, citing the current volatility of the capital market. The company said it still intends to go public in order to finance its future growth. The company had planned to raise €79 million in the offering, including the overallotment option.
  • The U.S. Department of Energy has released an official funding opportunity announcement to invest $1.3 billion in multiple commercial-scale carbon capture and storage projects as part of the department's restructured FutureGen program. Instead of funding one big project, the DOE has said it would look for new, multiple, 300 megawatt projects across the country (see U.S. DOE puts out the call for new CCS projects).
  • Ft. Lauderdale, Fla.'s Republic Services (NYSE: RSG) announced today that it would acquire Phoenix-based Allied Waste (NYSE: AW) for over $6 billion in stock, merging the country's No. 2 and No. 3 waste and environmental services providers. The merger would bring together a portfolio of 86 recycling operations, as well as a growing list of waste to energy sites (see Republic to buy Allied Waste for over $6B in stock).
  • Aspen Aerogels, a Northborough, Mass.-based nanotech company focused on insulation materials, raised $37 million in a series B-1 round. Arcapita Ventures led the round, joined by existing investors Lehman Brothers Venture Partners, Reservoir Capital Group and RockPort Capital Partners. Aspen Aerogels said its nanotechnology process offers thermal management and energy conservation to a wide range of markets. The company previously raised over $61 million.
  • Lehigh Technologies, a Naples, Fla.-based rubber recycling company, confirmed that it raised a second round of funding, announcing that it pulled in $34 million in financing. Lehigh said that most of the capital would be used to fund construction of a new recycling plant. Investors included Kleiner Perkins Caufield & Byers, Index Ventures, NGP Energy Technology Partners and Florida Gulfshore Capital. Lehigh raised an $18 million round led by Natural Gas Partners last year.
  • San Francisco-based SunRun, a solar installer, raised $12 million in a round led by Foundation Capital. SunRun said it offers power purchase agreements for its solar installations, with homeowners avoiding a large capital investment in the system. The company said its customers pay a minimal initial fee and then pay a low fixed rate for the solar electricity.
  • SolFocus, a Palo Alto, Calif.-based developer of solar concentrator photovoltaic systems, is reportedly raising between $60 million and $80 million in Series C funding. The company has already raised approximately $90 million in venture capital funding, including funds for its European subsidiary.

Browse previous deals here.

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