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Two More Solar IPOs

China Sunergy Co. Ltd., a solar cell producer in China, has filed with the SEC for an IPO of up to $100 million in American Depositary Shares. The company has applied to list on the Nasdaq Global Market, under the symbol CSUN. It plans to use the proceeds to purchase raw materials, expand manufacturing facilities, expand research and development efforts and for general corporate purposes and acquisitions. GT Solar International Inc. also registered with the SEC for an IPO of up to $200 million in common stock. The company provides manufacturing equipment to the solar cell industry. All of the shares are being sold by the selling stockholders and the company won’t receive any of the proceeds from the offering, according to GT Solar’s prospectus. The company also applied to list on the Nasdaq Global Market, under the symbol SOLR. For the nine months ended Dec. 31, its net loss narrowed to $3.23 million from $12 million for the same period in 2005. Revenue increased more than 50% to $61.5 million. The $200 million valuation for the IPO was estimated solely for calculating the registration fee, the company said. Often, the eventual price terms of an IPO offer differ substantially […]

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Solar Hot Water Could Save CA. 24% of Gas

The Environment California Research & Policy Center – along with a coalition of policy makers, environmental groups and businesses – released a report on the potential of solar water heating technologies. It found that solar hot water could save California 1.2 billion therms of natural gas a year, the equivalent of 24% of all gas used in homes and equal to 5% of statewide gas consumption. Solar water heating could reduce global warming pollution by 6.8 million tons of CO2 per year – 5% of the total reductions needed to meet the state’s greenhouse gas emissions cap by 2020. In addition, consumers can cut their energy bills by up to 50% by investing in solar water heating technology. Some studies show that a 5% reduction in demand could shave 25-35% off California’s wholesale natural gas prices. AB 1470, legislation currently moving through the state Legislature, is a companion to SB 1 signed into law last year, the Million Solar Roofs bill. As it created incentives for solar electric panels funded through a small surcharge on electricity bills, AB 1470 would work similarly for solar water heating systems through a small surcharge on natural gas bills. Less than 1 percent of […]

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