Vivint Solar Files for IPO
Vivint Solar, the second largest installer of solar panels in the U.S., filed confidentially for an IPO Tuesday. The home security and solar company is owned by private equity firm Blackstone Group LP.
The IPO is expected to launch this fall, though this depends on the state of the market. Unnamed sources within the company—who asked to be kept confidential due to the private nature of the matter—told Reuters Vivint is working with a number of banks including Goldman Sachs on the offering. The sources also discussed how the company was taking advantage of the Jumpstart Our Business Startups, or JOBS, Act. The act allows companies that take in less than $1 billion in annual revenue to confidentially file for an IPO with the Securities and Exchange Commission.
The IPO comes in hopes of attracting investor attention and keeping the momentum going. There’s a high demand for consumer-facing solar companies in the market currently, and Vivant hopes to tap into that. The company, which is only three years old, has seen rapid grown since its inception. Founded in 2011, Vivant began with only three sales people in New Jersey and has now grown to more than 2,200 employees in seven states.
The company’s biggest competitor is the nation’s largest solar installer, SolarCity, which was founded by Tesla CEO and entrepreneur Elon Musk. SolarCity went public in December 2012 and debuted at $8 per share. Since then, it’s taken off and currently sees shares trading around $70 with a market capitalization nearly $6.5 billion.
No one is willing to predict Vivant’s valuation once it comes to market and representatives from Blackstone, Vivint Solar, and Goldman Sachs declined to comment.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.