Cleantech-focused venture investors appeared last week to be getting out the year’s last investment dollars before the holidays, as several companies raised sizable rounds across multiple sectors. The week’s biggest piece of news, however, came on Thursday when SolarCity listed its much anticipated initial public offering on the NASDAQ, raising $92 million. The company had been expected to list on Wednesday, but ended up delaying after it became clear on Tuesday night that it would need to lower its initial valuation. Successful IPO exits have been tough to come by in cleantech lately, and despite the last minute controversy surrounding SolarCity’s float, the offering appears to have generated positive returns for the company’s investors and could do a lot to unfreeze public markets for clean technology start-ups. See this post for deeper analysis of SolarCity’s IPO and how it might affect similar companies in the Solar sector.
And now for the week’s big raisers of private capital:
Solar thin-film module manufacturer Stion raised $25 million in a growth equity round from Khosla Ventures, Braemar Energy Ventures, General Catalyst Partners, Lightspeed Venture Partners, and Taiwan Semiconductor Manufacturing Company. Thin film technologies have suffered from the same pricing pressure that has affected the rest of the solar industry, but Stion’s investors appear to be betting that the company can squeeze through by ramping up its production capacity.
Lithium-ion battery maker Enevate raised $24 million in a Series B round. Backers included new investors CEC Capital, Tsing Capital and Presidio Ventures, as well as existing investors DFJ and Mission Ventures. The company intends to use the funding to bring its first products to market.
GlassPoint Solar, an manufacturer of solar steam generators for the oil and gas industry, raised $26 million in a Series B round from new strategic investor Royal Dutch Shell, as well as existing investors RockPort Capital Partners, Nth Power, and Chrysalix Energy Venture Capital. The funding will help the company work toward future large-scale deployment of its technology in enhanced oil and gas recovery projects around the world.
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