The fourth quarter started off on a good note last week. Cleantech companies raised just over $77 million dollars in private capital across 13 deals. The total dollar amount is actually higher as four of those deals went undisclosed.
The real news on the week was in the market for cleantech IPOs, however. Fleetmatics, an Irish company providing fleet vehicle tracking and management software-as-a-service (SaaS), listed its shares on the NYSE at the top end of its proposed range and raised an estimated $94.3 million in the process. The company’s shares jumped on its first day as a publicly traded company. Its shares rose by 35% to $22.95 from the $17 offer price. Fleetmatics had previously raised $68 million in private capital from Institutional Venture Partners, Investcorp, and NewWorld Capital Group.
And SolarCity filed for its much anticipated IPO on Friday. The company hopes to raise $201.25 million by listing its shares on the NASDAQ under the symbol “SCTY”. The low price of solar panels, though catastrophic for many manufacturers, has given a lift to the installation industry and SolarCity has spent years expanding into new markets across the United States. Private investors in the company include First Solar, Tesla Motors and Paypal co-founder Elon Musk, Draper Fisher Jurvetson, DBL Investors, Mayfield Fund, Silver Lake, Generation Investment Management.
In the latest bit of pain for the solar industry, MiaSole agreed to be acquired by Hanergy for $30 million after failing to secure a rescue investment by other means. MiaSole has been a top producer of Copper-Indium-Gallium-Selenide, or CIGS, thin film solar cells but has fallen on tough times as the prices for competing traditional silicon solar panels have plummeted in recent years. The company has raised $470 million in private capital since 2004, so the Hanergy acquisition is hardly a good exit for its investors.
In brighter news on the M&A front, and in a shameless effort to toot our own horn, we here at Cleantech Group were pleased to announce last week that we’ve merged with GreenOrder, a New York-based sustainability strategy consultancy. The Cleantech Group and GreenOrder teams have come to know each other well, and are excited to expand our businesses with a highly complimentary dual focus in cleantech innovation and corporate sustainability strategy through the combination.
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