Energy storage developer 24M Technologies, a spin-off of lithium ion battery developer A123Systems, has raised $10 million in a Series A funding round led by Charles River Ventures and North Bridge Venture Partners. Read More »
Week of: 06.14.10 – 06.18.10
Not every cleantech IPO is on the right track
There are few things as exciting to the cleantech world as a juicy initial public offering (IPO), and this week has been full of news on that front. Electric car maker Tesla Motors said it will sell 11.1 million shares to the public on June 29 at a price ranging between of $14 and $16 a share, raising up to $178 million. Then, Italian electric utility Enel said it would go ahead with the share sale of its renewable unit in October. The deal is expected to raise as much as €3 billion ($3.69 billion), and will be one of the sector’s largest offerings so far.
Then again, few recent IPOs have shown themselves to be on the right track.
Take Solyndra, the California maker of thin-film photovoltaic cells: On Thursday: company officials announced that it had folded IPO plans that could have raised as much as $300 million. Instead, Solyndra turned to its investors to raise $175 million in convertible promissory notes. The company blamed “uncertainties in the public markets” for the cancellation. Read More »
A123 Systems, the maker of Lithium-ion batteries, will supply power packs for the Fisker Karma, a rechargeable luxury car set to launch later this year.
A123 has also committed to invest $23 million as part of an ongoing funding round for Fisker Automotive, the company developing the Karma. Read More »
Solyndra, the California maker of thin-film photovoltaic cells, received the most amount of venture capital cash in 2009, raising $198 million. Its backers are counting on a hefty payday with the company having recently filed for an Initial Public Offering (IPO). A123 Systems, the Massachusetts battery maker, which IPOed last fall, raised $100 million, according to data compiled by market research firm the CleanTech Group. Swiss smart meter maker Landis + Gyr, smart grid developer Silver Spring Networks and V-Vehicle, a clean vehicle manufacturer, also each raised $100 million last year — see charts below the fold. Read More »
Solyndra, the California maker of thin-film photovoltaic cells, has filed for an Initial Public Offering of its shares that could be worth up to $300 million. Solyndra announced its planned IPO on Friday evening, when the media cycle was largely focused on the climate change agreement brokered in Copenhagen.
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