California Solar Company Goes Public This Week | KCET
California Solar Company Goes Public This Week
Though solar manufacturing firms are hurting these days due to competition from cheap imported solar panels, the same bargain basement panel prices make things a bit rosier for those firms who install solar panels. As evidence for this split in the solar sector, Bay Area solar leasing company SolarCity has scheduled an Initial Public Offering of its stock for this week.
Founded in 2006, the San Mateo-based company now has operations in 14 states, and is likely best known for its installations on dozens of Walmart stores across the state of California. According to the language in the firm's filing with the Securities and Exchange Commission,, SolarCity now has photovoltaic installations on more than 45,000 rooftops.
The company will be offering 10 million shares of stock in its IPO, and expects to raise between $130 million and $150 million in capital.
At least one analyst thinks that may be somewhat optimistic. As Eric Wesoff writes on Greentech Media,
Debra Fiakas, the Managing Director of Crystal Equity Research, writes that this is "a deal worth considering, but only after the shares get some seasoning. A $13.00 per share price puts a $932 million market value on SolarCity and implies a multiple of 8.4 times revenue. This seems a bit pricey given that the company has not been consistently profitable."
Venture investors in SolarCity are led by Draper Fisher Jurveston, which owns just over a quarter of the company's pre-IPO stock, and Space X founder Elon Musk, who owns about a third of the existing shares.
For ongoing environmental coverage in March 2017 and afterward, please visit our show Earth Focus, or browse Redefine for historic material.
KCET's award-winning environment news project Redefine ran from July 2012 through February 2017.
A former aide to Los Angeles City Councilman Jose Huizar today became the fourth person to agree to plead guilty to a felony charge stemming from the City Hall "pay-to-play" federal corruption probe.
153 workers have tested positive for COVID-19 at the Smithfield Foods-owned meatpacking plant, according to L.A. County Department of Public Health. That's 13 more cases than were first reported by LAist just five days ago.
A new COVID-19 testing site opened at Dodger Stadium today, which city officials say will accommodate three times more people than any other testing site in Los Angeles County.
In an announcement that will delight shaggy-haired residents statewide, Gov. Gavin Newsom today cleared the way for barbershops and hair salons to open in some counties.
- 1 of 290
- next ›