Four greentech IPOs are seemingly going to make it through the IPO gate in spring 2012. It’s the biggest flurry of greentech IPOs in memory and serves to show the diversity of the greentech field.
It’s a disparate collection of firms: Enphase, a small cap PV microinverter pioneer, BrightSource Energy, a massively ambitious concentrated solar power (CSP) developer, Enerkem, a municipal-solid-waste-to-fuel firm, and Luca Technologies, a firm that performs “active biogenesis of methane.” BrightSource and Enerkem are expected to debut this week.
What these firms do have in common is that they are all VC-funded and will all be losing money for the foreseeable future.
Enphase has been a public company for one week now.
Enphase (Nasdaq:ENPH), the Petaluma-based microinverter firm priced its IPO on March 30 and saw its stock jump from the $6.00 start price. The company raised $54 million in its initial public offering and has a market cap of approximately $285 million. A colleague remarks that this places the company in a low market cap category. And that poses some challenges in the investor relations and analyst coverage department. Other big challenges for Enphase are maintaining its meteoric sales growth amidst increasing competition and finding a path to profitability in a still difficult market.
Enphase stock price as of April 6, 2011.