More solar and other renewable-energy companies are planning initial public offerings, despite the lackluster performance of some recent entrants into the public market.
Edisun Power, Jiangsu Shunda Group and Changing World Technologies last week became the latest to announce plans to go public.
Renewable-energy companies haven't fared well in their public-market debuts so far this year. Investors pummeled GT Solar's stock on its first and second day on the Nasdaq last month (see GT Solar Goes Public, GT Solar Sinks on LDK News and GT Solar IPO Attracts Class-Action Suits).
EDP Renovaveis, a Portuguese renewable-energy firm, also saw its stock drop on the first stock on the Euronex Lisbon exchange in June (see EDP Renovaveis Gets No Love).
Edisun Power already has developed projects in its home country as well as in Germany, Spain and France. The company plans to use the new capital to expand its business in those countries.
Changing World Technologies, which makes organic fertilizers and biodiesel in West Hempstead, N.Y., has filed paperwork to raise up to $100 million in its IPO.
The company hasn't yet set a range of expected offering prices. Changing World generated $589,000 in revenue last year, more than double the $261,000 in revenue from 2006, according to filings with the U.S. Securities and Exchange Commission. Changing World posted a loss of $19.9 million in 2007 and a loss of $21.76 million in 2006.
Meanwhile, Jiangsu Shunda Group isn't planning its IPO until the first half of 2009, but already has set a fund-raising target and plans for spending the money. The maker of silicon ingots and wafers is aiming to raise $1 billion in a debut on a U.S. stock exchange to fund "rapid expansion," the company told Reuters.
The Chinese company's customers include Suntech Power, which owns 15 percent of Jiangsu Shunda, as well as Q-Cells and Sharp. Jiangsu Shunda initially had planned to go public last year, but decided to wait for its first polysilicon plant to be completed and for confirmation about whether the plant meets global standards.
Here is a look at other funding news that came out in the last week:
- Solyndra, a CIGS solar cell developer in Fremont, Calif., is trying to raise $350 million, according to Greentech Media's Green Light blog. Senior Analyst Michael Kanellos reported that the company, which already brought in $79 million in venture capital last year, is looking for more money to build a 420-megawatt manufacturing plant.
- Aquus Energy, a 1-year-old company that installs and operates solar-power systems for residential and business customers, raised an undisclosed amount from Oppenhemier & Co. Aquus, based in New Rochelle, N.Y., aims to carve out a market in the mid-Atlantic and northeastern regions of the United States.
- Mainstream Renewable Power raised €40 million ($74.7 million) from Barclays Capital and other investors. The Irish company, founded earlier this year, plans to use the money to develop projects in wind, solar, ocean wave and other sectors. Barclays put in €20 million ($34.35 million) to take a 14.6-percent stake in the company, while Mainstream's board, management, staff and other "close associates" invested the remaining €20 million ($34.35 million) in the round. Overall, Mainstream said it has raised a total of €72 million ($134.44 million).
- Kinsus Interconnect Technology, a Taiwanese maker of chip-packaging components, said it plans to invest NT$180 million ($5.7 million) in Taiwanese solar-panel maker Lucky Power, Digi Times reported. The investment would give Kinsus a 19.6-percent stake in Lucky Power. The investment represented Kinsus's first foray into the solar business.
- Amyris Biotechnologies, which engineers microbes for biofuels, has raised an additional $21 million on top of a previously announced $70 million as part of its second round of funding, according to VentureWire (see VentureBeat post and Green Pesticides, Synthetic Biology and Solar Score Funding). New investors' names were not disclosed, but previously announced investors include Duff Ackerman & Goodrich Ventures, Khosla Ventures, Kleiner Perkins Caufield & Byers and TPG Ventures. In March, Emeryville, Calif.-based Amyris said it had formed a joint venture with Crystalsev, a Brazilian ethanol distributor, to develop and sell sugarcane-based biofuels for cars and jets by 2010.
- Simbol Mining, which is developing technology to extract lithium from geothermal fields, raised $6.7 million in a round led by Mohr Davidow Ventures and Firelake Capital (see Green Light post). Simbol, based in Pleasanton, Calif., plans to sell the lithium to car-battery and consumer-electronics manufacturers. The lithium-carbonate market is expected to grow from $500 million in 2007 to $1.5 billion in 2015, according to the company.
- Tokyo-based Zephyr Corp., which makes small-wind turbines, raised 500 million yen ($4.5 million) by selling private shares to investors including Investor Growth Capital, the private equity division of Investor AB in Sweden.
- ThermaSource, which provides geothermal drilling, engineering and consulting services, raised $41.5 million from Riverstone Holdings, US Renewables Group and Rustic Canyon Partners. ThermaSource, based in Santa Rosa, Calif., plans to use the money to buy drilling rigs and to expand its drilling services. The company has raised $93 million in equity and debt over the past two years.
- Solarfun Power (NSDQ: SOLF), which develops and sells solar cells and modules, said it had sold $73.88 million worth of American depository shares. The Chinese company plans to use the $71.88 million in net proceeds to buy polysilicon and equipment to manufacture silicon ingot, wafers and solar cells, among other purposes.
- Mass Megawatts Wind Power, traded over the counter under the ticker "MMGW," raised $257,000 by selling restricted shares of its common stock. The Worcester, Mass., company, has developed a wind-energy system that consists of an 80-foot-by-40-foot steel frame, elevated 50 feet above the ground, and two generators at the foot of each installation. Mass Megawatts has used part of the proceeds to pay off debt and plans to use the remainder for business development.
- Citi Community Capital, part of the Citi financial-service group, and Helio Micro Utility have created the Green Energy Community Investment Fund to finance the installation of up to 4 megawatts of solar energy systems on commercial and government-owned properties in low- and moderate-income communities in the United States. Helio Micro, based in Berkeley, Calif., installs solar-power systems for business, residential and nonprofit customers in exchange for long-term power-purchase agreements. The companies didn't disclose the amount of investment in the new fund.