18 June '10
1:35 PM UTC
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Uncategorized

The Week In Green Energy: The IPO Track

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 »

18 June '10
10:22 AM UTC
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  Solar

Solyndra Cancels IPO, Opts to Raise $175M from Existing Investors

President Obama at Solyndra with Chris Gronet less than one month ago: is the company less of a success story than we thought?

Another one bites the dust.

Solyndra canceled its planned initial public offering this morning “due to adverse market conditions,” the company explained .  Fremont, Calif.-based Solyndra will instead .

Solyndra chief executive Chris Gronet said that the funding will allow the company to meet its growth targets. He added: Read More »

4 June '10
11:41 AM UTC
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Uncategorized

The Week In Green Energy: The Tipping Point

Week of June 1 – to – June 4, 2010

The first week in June could well go down in history as the moment energy and climate legislation in the U.S. reached its tipping point. President Barack Obama, speaking at Carnegie-Mellon University in Pittsburgh on Wednesday, – the first time he has hitched his political fortunes to the bill. “I want you to know, the votes may not be there right now, but I intend to find them in the coming months,” Obama said of the bill. The reason for Obama’s belated devotion to wrangling votes  is, of course, the gusher in the Gulf, which has continued unabated now since April 20. But there was a noticeable shift in the tone of The White House in the past week, as BP’s efforts to stem the flow have again floundered and assurances from company executives have proved to be overly optimistic or misleading. BP head Tony Hayward, for example, said that the “Top Kill” maneuver chance of success. Even promising results from the newest try at the containment dome can’t help BP now.

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3 June '10
11:48 AM UTC
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  Solar

‘Paranormal Activity’ At Canadian Solar

Canadian Solar has postponed the release of its first quarter results in the wake of a Securities and Exchange Commission (SEC) subpoena.  Not surprisingly, the company has been working hard to dispel concerns — “market demand was very strong in the first quarter,” Canadian Solar CEO Shawn Qu — but analysts aren’t buying the IR spin.

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17 November '09
5:47 PM UTC
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  Funding

SEC Busts Green Investment Scheme

Wayde and Donna McKelvy were charged on Monday by the Securities and Exchange Commission (SEC) with running what probably could be the first “green” ponzi scheme.

With the assistance of Philadelphia-based promoters, Troy Wragg and Amanda Knorr, the McKelvys lured mostly elderly investors to back environmentally friendly projects via a Denver-based company called Mantria, reports the New York Times‘ . Read More »

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