New biofuel and solar IPOs

December 14, 2006 - Exclusive
By Dana Childs, Cleantech Group

A banner week in industry dealflow is headlined today by news of two new upcoming IPOs.

And yes, it's only been seven days since our last roundup.

[Cue announcer:]

"Since last we left our heroes..."

  • BioFuel Energy filed for an initial public offering, making it the fifth ethanol company to seek a listing in the United States this year. The Denver-based co. intends to use the net proceeds, estimated to be in the $300M range, to repay debt and fund construction of ethanol plants. The company hasn't posted any revenue yet, according to its prospectus.
  • Trina Solar filed to sell 5.3 million American depositary shares at an estimated price range of $13.50 to $15.50 a share in a bid to raise about $77 million in an upcoming initial public offering. The solar-power products manufacturer based in China plans to trade on the NYSE under the symbol TSL.
  • Solar EnerTech, with sales and marketing operations in Menlo Park, CA, raised private placements for $5.6M USD. The funds were raised as $5.1 million in equity private placements and $500,000 in convertible debentures, which are convertible at a future date. Solar EnerTech is a solar PV cell maker based in Shanghai.
  • International Coal Group denied that it's considering going private. In a press release, the company said, “the company has become aware of specific newswire reports of rumors of a management leveraged buyout. International Coal Group denies these rumors.
  • Greater Ohio Ethanol raised $145 million in combined equity and debt financing. Paladin Capital Group’s Homeland Security Fund led the equity tranche, while the debt syndication was led by SunTrust Robinson Humphrey. The company is finishing construction of a 54 million gallon ethanol production facility in Lima, Ohio.
  • CO2 Solution of Quebec City, Canada completed a $1,000,000 private placement. The company issued 5,000,000 units at a price of $0.20 per unit. Financing was arranged by Boom Capital and Planet Capital Advisors. The company has developed a biological process that transforms of carbon dioxide into bicarbonate.
  • Consolidated Water closed a public offering of 1,725,000 shares for proceeds of $40.2M USD. The Cayman Islands company develops and operates seawater desalination plants and water distribution systems in areas of the world, including the Caymans, Belize, Barbados and the Bahamas. (Ed.: are they looking for any more field personnel?)
  • Holding company Argan announced it will merge with Gemma Power Systems, a builder of biodiesel and ethanol plants and other power energy systems. Gemma currently has a backlog of over $200 million, the companies claimed in a joint announcement.
  • Accelergy, a company pursuing advanced catalytic materials, secured $25M in Series B financing from investors including Goldman Sachs, Sequoia Capital China and Lux Capital. Existing investors Nth Power, Technology Partners, Mobius VC and Advent International also participated.
  • Environmental Technologies Fund, a London-based cleantech venture capital firm, held a first close on more than €50M for its inaugural fund. A second close is expected next quarter. Limited partners include Swiss Re and the European Investment Fund (EIF).
  • Apex Companies, a Rockville, Md.-based environmental services firm, acquired The SI Group, an Arlington, Ill.-based environmental consulting and water utility maintenance firm. No financial terms were disclosed. Apex is a portfolio company of Blue Point Capital Partners.
  • Novazone, a provider of clean technology solutions for food and water, raised $7 million in a Series B financing. New investor Chrysalix Energy led the round with participation from existing investors, Foundation Capital and Grauer Capital. Novazone uses ozone technology to reduce water and airborne pathogens without the use of chemicals.
  • REVA Electric Car Company, an India-based electric car maker, raised $20 million in new venture capital funding co-led by Draper Fisher Jurvetson and the Global Environment Fund. Edelweiss Capital advised on the deal.
  • EnviroTower, a Toronto-based industrial cooling tower water treatment company, raised $8.5M CDN in new venture capital funding co-led by NGEN Partners and return backer XPV Capital.

Want to get our dealflow roundup and other industry news every week? Register here, and check the "Inside Cleantech" newsletter subscription box at the bottom of the form.

Know others who'd also want it? They can sign up, too.


More:

Cleantech developments making news in the past 24 hours

Post new comment

The content of this field is kept private and will not be shown publicly.
Become a cleantech industry insider - sign up for our free newsletter