Sure, GT Solar's stock took a severe beating after it went public (see GT Solar Sinks on LDK News and Green Light: Was the GT Solar IPO a Hit Job?). But that isn't stopping others from plunging into the lackluster public market.
The company, based in Enfield, Conn., makes polymer materials to encapsulate solar panels. Specialized Technology customers include prominent solar-panel makers, such as First Solar (NSDQ: FSLR), BP Solar and SunPower Corp. (NSDQ: SPWR).
Specialized Technology, founded in 1944, also provides quality testing, audits, inspections and materials sourcing. The company plans to list on the New York Stock Exchange under the ticker symbol "PVS."
Meanwhile, wind-farm developer First Wind also believes investors will find its prospects attractive. The Newton, Mass., company plans to raise up to $450 million it its initial public offering on the Nasdaq. The company, which hopes to trade under the symbol "WNDY," already has 92 megawatts of U.S. wind farms in operation and an additional 182 megawatts under construction.
Here's some other funding news from the last week:
- Spanish solar-power developer Fotowatio has raised $350 million from GE Energy Financial Services in Stamford, Conn., and Grupo Corporativo Landon in Madrid. GE plans to invest $235 million for a 32-percent stake in the company, while Landon intends to put in $118 million for a 17.5-percent stake.
- Cyrium Technologies, which is developing solar cells for concentrating photovoltaic systems, said Wednesday it had raised $15 million in its second round of funding. Investors included The Quercus Trust, BDC Venture Capital, Chrysalix Energy Venture Capital and Pangaea Ventures. The company, which raised $5.5 million in December, claims its high-efficiency cells can significantly improve power generation while reducing its cost.
- Voltaix, a chemical company in Branchburg, N.J., received $12 million from Intel Capital for expanding its manufacturing capacity (see Green Light post). The company produces chemicals and gases, including silicon and germanium, for making semiconductors and solar cells.
- H2scan, which makes hydrogen sensors that monitor chemical processing and detect leaks, raised $4 million. The Valencia, Calif., company in October launched its first commercial product, which targets chemical industries, nuclear-waste monitoring and fuel cells. Investors included Chrysalix Energy Venture Capital, H5 Capital, Tri-Strip Associates, TGB Partners and the Ravinia Venture Fund.
- Bank of America invested an undisclosed amount of money in Field Diagnostic Services in Philadelphia as part of its plan to invest $20 billion over 10 years on environmentally friendly initiatives, including projects to reduce greenhouse-gas emissions. Field Diagnostics is developing software and portable devices that measure the energy efficiency of heating and cooling equipment. The bank plans to use the technology in thousands of its branches nationwide.
- MBA Polymers has raised $40 million to build new recycling plants, according to VentureWire (via VentureBeat). The Richmond, Calif., company separates reusable plastics from waste and recycles them into high plastics, VentureBeat reported Thursday, adding that the company plans to build plants around the world. Citi Sustainable Investments and Honeywell Capital Management led the round, with participation from previous investors Doughty Hanson Technology, Balderton Capital and Asia West.
- Vulcan Power Co. said it would receive $145 million from Denham Capital in exchange for newly issued shares. Vulcan, based in Bend, Ore., owns several geothermal fields in California, Nevada, Oregon and Arizona. The company plans to use the money to develop 900 to 2,000 megawatts of geothermal power.
- Hydro Green Energy aims to raise $70 million, CEO Wayne Krouse told Earth2Tech on Wednesday. The Houston company, which raised $2.6 million in April, is building a project that will use Mississippi River currents to drive turbines for power generation. Hydro Green also plans to develop projects using ocean tides to generate electricity (see Funding Roundup: Solar-Thermal Heats Up Despite Cool VC Climate).
- Nitol Solar, a Russian manufacturer of polysilicon, trichlorosilane gas and solar wafers used to make solar cells, has signed a $75 million financing deal with the International Finance Corp. The deal includes $50 million to purchase an undisclosed stake in the company, as well as a $25 million loan. Nitol will use the money to build a 3,700-ton polysilicon plant, which it plans to complete next year in Russia. Suntech Power, a Chinese solar-panel manufacturer, also owns a minority stake in Nitol (see Funding Roundup: Solar, Biofuels Score Big Bucks and Solar Roundup: Chinese Solar Buys and Brags). The company in January told the Financial Times it was eyeing an initial public offering (see Investors Too Full for a Share of ReneSola? and Poor Market Conditions? Who Cares?).
- Editor Jennifer Kho contributed to this story.