First published in Cleantech Infocus: 2010 - Equity Deals of the Year, January 2011. Copyright Cleantech Investor Ltd.
Asian solar companies were relatively successful in tapping public markets for equity in 2010. Asian solar IPOs included Woogjin Energy (which listed in Korea); Daqo New Energy Corp. and JinkoSolar (both Chinese companies listed on the NYSE); China’s Trony Solar (which listed on the HKSE); and Risen Energy of China (which listed in Shenzhen).
For Europe and the US, however, 2010 was the year of postponed and cancelled IPOs in the solar sector. Spain’s T-Solar, a victim of the European financial crisis and the regulatory uncertainty created by the Spanish Government, shelved its €250 million IPO. US thin-film solar manufacturer, Solyndra, cancelled its US IPO, although it did succeed in raising a round of venture funding.
Corporate investors were notably active during the year. BP Alternative Energy joined in the funding rounds for another thin-film solar technology manufacturer, Abound Solar. BP Alternative Energy also invested in concentrated solar manufacturer BrightSource Energy, alongside a number of investors including Statoil Hydro and Google.org.
Glass facade manufacturer, Fasadglas Bäcklin AB, invested in NLAB Solar, which manufacturers dye sensitised solar cells which can be used on the facades of buildings.
Woongjin Energy
IPO - Seoul IPO
Korea’s Woongjin Energy saw its shares soar ahead after its IPO in Seoul in July. The company, which produces ingots and wafers, issued shares at 9,500 won. The stock has rallied to end the year at almost double that level, 18,800 won.Daqo New Energy Corp.
IPO - NYSE
China’s Daqo New Energy Corp. postponed its IPO in January, but eventually raised $76 million on the NYSE in October. The Chongqing-based company issued ADRs at $9.50, raising $76 million. The shares ended the year at $10.16. Daqo manufactures polysilicon materials for solar panels.Trony Solar Holdings Company Limited
IPO - HKSE
It was third time lucky for Trony Solar, which had originally planned to IPO in December 2009 and then again in August 2010, but eventually managed to get the deal away in October. Trony, China’s largest thin-film producer, raised HK$1.73 billion.JinkoSolar Holding Co.
IPO - NYSE
Chinese silicon wafer and solar cell and module manufacturer, JinkoSolar, listed on the NYSE in May through an IPO. The shares, which were listed at a price of $11, performed strongly during the year, ending 2010 over 80% higher than the issue price.Risen Energy Co. Ltd
IPO - Shenzhen
Risen Energy, a Chinese photovoltaic cell and module maker and plant developer, raised CNY1.9 billion through a Shenzhen Stock Exchange IPO in September.Solyndra Inc.
Venture Capital Fund Raising
Thin-film panel manufacturer Solyndra raised $175 million from venture investors – having shelved its planned $300 million IPO in June. Solyndra appears to have suffered from a combination of scrutiny for high production costs as well as the difficult market conditions.BrightSource Energy Inc.
Venture Capital Fund Raising
California-based concentrated solar manufacturer, BrightSource Energy, raised $115 million in third round funding from investors including Google.org, Vantage Point Venture Partners, BP Alternative Energy, Statoil Hydro Venture and Black River. BrightSource also won a $1.37 billion loan guarantee from the US Department of Energy for construction of its 392MW Ivanpah project in the Mojave Desert.Abound Solar Inc.
Venture Capital Fund Raising
Abound Solar confirmed in December that it had raised $110 million from new investors including BP Alternative Energy Ventures and West Hill Companies. Abound Solar manufactures cadmium telluride thin-film solar modules.NLAB Solar AB
Venture Capital Fund Raising
NLAB Solar secured investment of SEK18 million from Fasadglas Bäcklin AB, a glass facade manufacturer, in November. NLAB is constructing a pilot plant in Stockholm for dye sensitised solar cells (DSCs), or Grätzel cells – a technology which transforms the facades of urban buildings into power generators.| < Prev | Next > |
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