UPDATE 1-Solyndra files for $300 mln IPO
Date: 12/18/2009
Company: Solyndra
Source: Reuters
NEW YORK/LOS ANGELES, Dec 18(Reuters) – California solar company Solyndra Inc filed for an initial public offering worth up to $300 million on Friday.
Solyndra makes thin film solar panels, which are generally cheaper to make than traditional silicon-based panels.
Solar companies have struggled this year as prices for their cells and panels have fallen by half because of an oversupply.
Demand has improved, raising hopes that the industry will resume its sharp growth in 2010, but new companies are still being evaluated on a case-by-case basis, analysts say.
Last week Chinese thin film panel maker Trony Solar Holdings Co Ltd postponed indefinitely its initial public offering due to weak market conditions.
Solyndra began commercial shipments of its solar panel systems in July 2008 and has increased sales volume and revenue every quarter since, but has incurred net losses since its inception as it invests in manufacturing, it said in a filing with the U.S. Securities and Exchange Commission.
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