Comverge to raise cash in secondary offering

East Hanover, N.J.'s Comverge (Nasdaq: COMV), which provides smart grid software and equipment to electric utilities, said today it plans to raise some extra cash with a secondary offering.

The company and certain investors filed to offer up to $200 million in Comverge shares.

Comverge went public in April, with the company's shares more than doubling in value at its peak since an initial public offering price of $18 per share.

The company's shares were trading down 5.25 percent at $34.90 in midday trading today.

Terms of the offering were not disclosed, but Comverge said it plans to use its share of the proceeds to finance its virtual peaking capacity contracts, research and development, future acquisitions and other general corporate purposes.

Comverge, which has 272 employees, currently owns or manages approximately 1,528 megawatts of capacity.

There's no word on which of its stockholders plan to sell shares in the offering. The company's significant shareholders include Acorn Factor, EnerTech Capital Partners, Rockport Capital Partners, and Nth Power Management.

Citigroup and Goldman Sachs are serving as joint bookrunners on the share sale, with Cowen and Co., RBC Capital Markets and Pacific Growth Equities also underwriting the offering.

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