Solyndra, Inc., a manufacturer of innovative cylindrical photovoltaic systems for commercial rooftops, recently filed with the Securities and Exchange Commission for an initial public offering (IPO) of its common stock.
Goldman, Sachs & Co. and Morgan Stanley & Co. will underwrite the offering. According to the filing, the company is looking to raise $300 million.
Headquartered in Fremont, CA, Solyndra designs and manufactures photovoltaic systems, comprised of panels and mounts, mostly for the commercial rooftop market. Its innovative cylindrical modules use mirrors to concentrate more sunlight to increase efficiency and output. Solyndra systems are designed to provide the lowest cost of electricity and the highest kilowatt hour production per rooftop. The company sold 17.2 MW of panels by September 2009. However, it has yet to turn a profit; the company lost $232 million in its most recent fiscal year and it was about $120 million in the red in October.
In September, Solyndra was awarded a $535 million loan facility guaranteed by the U.S. Department of Energy – the first to receive such a loan under Title XVII of the Energy Policy Act of 2005. The company is using the money to construct its second solar panel manufacturing plant near Fremont, California. The new facility will allow Solyndra to fulfill its contractual backlog of over $2 billion and is projected to produce 500 megawatts of solar equipment per year (enough to power as many as 250,000 homes). Solyndra's two manufacturing facilities will produce enough solar panels over their lifetime to cut over 350 million metric tons of CO2 emissions or 850 million barrels of oil.
The loan guarantee and private equity cover 73 percent of the construction costs and the company plans to use the $300 million from the IPO to make up the rest. These funds could ramp up production and help create as many as 3,000 short-term, construction-related jobs and 1,000 long-term jobs operating the facility. Installing Solyndra systems will generate hundreds of additional jobs.
"The economy needs clean tech alternatives to help it recover, but our planet requires clean tech solutions in order to survive," said Solyndra CEO and founder, Dr. Chris Gronet. “[This facility] will allow us to meet customer demand while making a positive impact on the world’s energy and environmental needs.”
Some experts predict that Solyndra is the beginning of a wave of “green” companies that will be having IPOs in 2010. If Solyndra’s IPO is successful, it could encourage others to go public.
Alison Pruitt is a freelance writer/editor living near Washington DC. She has written about a variety of issues, including education, healthcare, IT, the arts, and energy/environment -- and has worked with the U.S. Department of Energy. She has a B.A. from Oberlin College and a Ph.D. in English Literature from Rutgers University.
Any opinion contained in this article is solely that of the writers, and does not necessarily shapes or reflect the editorial opinions of Energy Boom.
Energy Boom content is for informational purposes only and is not intended to be advice regarding the investment merits of, or a recommendation regarding the purchase or sale of, any security identified on, or linked through, this site.
| Add your opinion | Rate this story | Share | Subscribe | ||||
|
|
|
 |
 |
 |
energyboom newsletter
