EverQ, the joint venture between Evergreen Solar (NasdaqGM: ESLR), Q-Cells (QCE.DE) and Renewable Energy Corporation (REC.OL), has changed its name and delayed plans for an initial public offering (IPO), according to reports.
The company is now called Sovello AG and will begin operating more independently, according to Cleantech Group.
The company is also now a public limited company, as opposed to a limited liability company, a change that will allow for easire outside financing for expansion plans.
In August, Q-Cells announced that preparations would begin immediately for an EverQ IPO, however, in recent months the market for solar stocks has fallen considerably, causing a number of planned IPOs to be shelved. No timeline was given for a future public offering.
Although EverQ reported a 115% rise in sales for the first three quarters of 2008, it's parent companies have recently hit a few bumps in the road.
Evergreen Solar reported widening losses 3Q08 and Q-Cells last week reduced its full-year 2008 guidance due to economy-wide slow down.
Renewable Energy Corporation today trimmed its 2009 polysilicon production target by 4%, due to delays on an expansion project. Read that story at the link below.