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: 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 »