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Stunning Cleantech 2012

It’s been a busy, ummm interesting year.  We’ve tracked profits to founders and investors of $14 Billion in major global IPOs on US  exchanges and $9 Billion in major global M&A exits from venture backed cleantech companies in the last 7-10 years.  Money is being made.  A lot of money.  But wow, not where you’d imagine it.

5 Stunners:

  • Recurrent Energy, bought by Sharp Solar for $305 mm, now on the block by Sharp Solar for $321 mm.  Can we say, what we have here gentlemen, is a failure to integrate?  This was one of the best exits in the sector.
  • Solyndra Sues Chinese solar companies for anti-trust, blaming in part their subsidized loans????????  Did the lawyers miss the whole Solyndra DOE Loan Guarantee part?  It kind of made the papers.
  • A123, announced bought / bailed out by Chinese manufacturer a month ago, now going chapter bankruptcy and debtor in possession from virtually the only US lithium ion battery competitor Johnson Controls?
  • MiaSole, one of the original thin film companies, 9 figure valuation and a $55 mm raise not too long ago (measure in months), cumulative c $400 million in the deal, sold for $30 mm to Chinese Hanergy just a few months later.  (Not that this wasn’t called over and over again by industry analysts.)
  • Solar City files for IPO, finally!

 

My call for the 5 highest risk mega stunners yet to come:

  • Better Place – Ummmmmmmmmm.  Sorry it makes me cringe to even discuss.  Just think through a breakeven analysis on this one.
  • Solar City – a terrifically neat company, and one that has never had a challenge driving revenues, margin, on the other hand . . .
  • BrightSource – see our earlier blog
  • Kior – again, see our prior comments.  Refining is hard.
  •  Tesla – Currently carrying the day in cleantech exit returns, I’m just really really really struggling to see the combination or sales growth, ontime deliveries, and margins here needed to justify valuation.

I’m not denigrating the investors or teams who made these bets.  Our thesis has been in cleantech, the business is there, but risk is getting mispriced on a grand scale, and the ante up to play the game is huge.

 

Investors can watch for the following green stocks coming to market in 2010: CDXS, JKS, DQ, SOLY

Green IPO Watch at Renewableenergystocks.com Reports on Announced IPO’s in Biofuel and Solar

www.RenewableEnergyStocks.com, a leading investor news and research portal for the renewable energy sector within www.Investorideas.com, reports on recent green IPO’s announced in biofuel and solar markets.

Investors can watch for the following green stock listings in 2010: CDXS, JKS, DQ, SOLY.

Codexis, Inc. originally filed for an IPO in 2008 that was later shelved, announced it filed a registration statement for an IPO of up to $100 Million on Dec 28, 2009. The Company applied to list its common stock on The Nasdaq Global Market under the symbol “CDXS”.

Codexis, Inc. is a provider of optimized biocatalysts that make existing industrial processes faster, cleaner and more efficient than current methods and has the potential to make new industrial processes possible at commercial scale. Codexis has commercialized its biocatalysts in the pharmaceutical industry and is developing biocatalysts for use in producing advanced biofuels under a multi-year research and development collaboration. The company is also using its technology platform to pursue biocatalyst-enabled solutions in other bioindustrial markets, including carbon management, water treatment and chemicals.

China based Jinko Solar announced its IPO of up to $100 Million this week, with plans list on the New York Stock Exchange under the symbol JKS.

Jinko Solar, according to the company’s website, www.jinkosolar.com, is a fast-growing solar product manufacturer manufacturing high quality ingot, wafer, solar cell and solar module products all along the photovoltaic industry chain, with a global network spanning across North America, Europe and Asia.

Other solar stocks pending include China based Daqo New Energy Corp, with an announced $108m IPO earlier in January. According to the SEC filing, the company will be trading on the NYSE under trading symbol DQ.

According to the Prospectus: “We are a leading polysilicon manufacturer based in China. We manufacture and sell high-quality polysilicon to photovoltaic product manufacturers, who further process our polysilicon into ingots, wafers, cells and modules for solar power solutions. With an installed annual production capacity of 3,300 metric tonnes, or MT, as of September 30, 2009, we believe we are one of the largest polysilicon manufacturers in China. We plan to increase our installed annual production capacity to 9,300 MT by March 2012. In addition to ramping up our capacity, we have consistently focused on producing high-quality polysilicon in a cost-efficient manner, which we believe has contributed to our market position and will benefit us and our customers.”

Other green stocks pending include US based California solar company Solyndra Inc, announced in December.
The company’s filing and Prospectus are available to investors at Sec.gov under Solyndra Inc. The company has applied to have its common stock approved for listing under the symbol “SOLY.”

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