Highlights tracked last week on Cleantech Group’s i3 Platform:
Smart grid icon Silver Spring Networks filed again with regulators for an initial public offering. This time, the company plans to raise up to $66.7 million – less than half the $150 million it targeted in 2011 before its withdrawal. The terms of the planned IPO would value the company at $754 million at the midpoint of its $16-18 per share range. The company has raised about $275 million in private capital to date, from investors including Foundation Capital, Kleiner Perkins Caufield & Byers, Draper Fisher Jurvetson, and Google Ventures. Foundation plans to purchase $12 million of common stock in a private placement at the offering price.
OneRoof Energy followed the lead of other downstream solar giants last week, closing on a $100 million project fund with support from Morgan Stanley and Main Street Power Company. The fund will provide third-party financing for OneRoof’s residential rooftop solar PV installations, and puts the company on more level footing with companies like SolarCity, Clean Power Finance, and Sunrun, which have also raised such third-party funds.
In M&A news, smart water company Xylem acquired Australian company Multitrode, a provider of water and wastewater monitoring and control solutions and services, for $26 million. The acquisition builds on Xylem’s robust monitoring and control capability, and should similarly enable geographic expansion.
There were also several new interesting company relationships formed during the week. One to highlight is that of solar PV-thermal hybrid company Cogenra Solar and building efficiency giant Johnson Controls. Johnson Controls has indicated that it will use Cogenra’s hybrid concentrating PV and solar hot water systems to drive its YORK absorption chillers for efficient building HVAC. Solar thermal technologies have been seen recently as being at a disadvantage to low-priced solar PV (though solar thermal can be used to address very different applications, as is clear here), so key partnerships like this could prove important to its commercial deployment.
Last but certainly not least, Cleantech Group Forum San Francisco is coming up very soon (March 18-20), followed less than a month later by Cleantech Forum Europe in Bilbao (April 16-18). We would love to see you at one or both events. Register today!
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