Solyndra files for $300M public sale — kicking off cleantech IPO rally?
Date: 12/18/2009
Company: Solyndra
Source: GreenBeat
Beating long-standing predictions that it would be one of the first clean technology companies to go public in the next year, cylindrical solar-panel maker Solyndrahas filed for an IPO that could amount to as much as $300 million.
Based in Fremont, Calif., Solyndra has been the frontrunner among venture-backed solar companies since it received a $535 million loan guarantee from the U.S. Department of Energy at the beginning of September. The news is a happy surprise for both the solar industry and Silicon Valley’s growing clean energy industry.
Proceeds from a public sale — which would list the company under the symbol SOLY — would be funneled into construction of the company’s manufacturing plant (also in Fremont), slated to churn out 500 megawatts worth of panels a year (enough to power as many as 250,000 homes). The loan guarantee is only covering 73 percent of the construction costs. The $300 million could be enough to cover the rest, expediting production and the creation of as many as 3,000 short-term and 1,000 long-term jobs in the local area.
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