28 June 2011
Enphase Energy, a Californian solar startup, has boosted its coffers by $14 million ahead of a planned $100 million initial public offering (IPO).
Enphase, which manufactures solar microinverters, told the US regulator on Friday it had raised the money through a combination of debt and equity, and hopes to sell a further $37.5 million in equity.
The Nasdaq hopeful could net up to $151.5 million through its combined pre-IPO and IPO raisings.
Enphase manufactures microinverters, small electronic devices which attach to solar panels and monitor and adjust power generation capacity.
It posted a loss of nearly $22 million in 2010 on revenues of $61.6 million, while the first three months of this year saw it post a $9.2 million loss against $18 million in revenues.
The IPO is underwritten by Morgan Stanley, Bank of America Merrill Lynch, Jefferies, ThinkEquity and Lazard Capital Markets.
Charlotte Dudley
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GHG Energy Corporation is a new Global player in the Clean Tech Energy sector encompassing Renewable Energy, Energy Efficiency, and Carbon Credit creation, and develops projects in the clean energy area on its own behalf, in conjunction with local Franchise operators, and through other forms of joint venture.
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