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SolarCity IPO Rescheduled for December 13 with Updated Pricing


An update to this prior article on the SolarCity IPO. Today (December 12), SolarCity filed an updated S-1 with the SEC. This S-1 indicates that SolarCity will now sell approximately 11.5 million shares at an expected price of $8 per share. According to this article from Reuters, SolarCity is now scheduled to price shares in its initial public offering (IPO) on December 12 and may begin trading on December 13. Shares will trade on the NASDAQ under ticker symbol "SCTY".

If the final offering price is $8, SolarCity estimates that the net proceeds it will receive in the IPO will be approximately $81.7 million (net of commissions and expenses related to the IPO). If the underwriters exercise their over-allotment option in full, the company estimates that its net proceeds will be approximately $94.6 million.

If the final offering price is $8, SolarCity will have a market capitalization of approximately $584 million (based on the approximately 73 million shares of common stock outstanding as indicated in the S-1).

In addition to shares being sold by SolarCity, other shareholders will be selling approximately 65,000 shares at the IPO.

You can learn more about this offering via the following:

Mosaic to Hold Solar Investing Celebration Today at Noon in Oakland


Mosaic, a company offering a clean energy crowdinvesting platform, will hold a celebration today (December 11) at noon in Oakland.  Below is information on the event, which is free:

We started Mosaic two years ago with a simple idea: to create a way for people to invest in clean energy projects. We could see the beginning of two enormous global shifts: 1) The transformation and democratization of our financial system, and 2) The rapid transition from fossil fuels to clean energy. Financing this transition is one of the largest wealth creation opportunities of our time. We wanted to make it possible for everyday people to participate and benefit from this transition.

Join us on Tuesday December 11th at 12pm to celebrate the installation of our first return on investment solar project on the roof of the Youth Employment Partnership (YEP) in Oakland. The project is predicted to save YEP over $160,000 through reduced electricity costs while also providing a 6.38% return to 51 investors in the project.

The event will include a ribbon-cutting ceremony and press event with speakers including:

  • Jean Quan, Mayor of Oakland
  • Steve Richmond, Chief Financial Officer of Mosaic
  • Michele Clark, Executive Director of the Youth Employment Partnership
  • Jakada Imani, Executive Director of Ella Baker Center for Human Rights
  • Michael Hannigan, Founder and President of Give Something Back
  • Gary Gerber, Founder and President of Sun Light & Power

Additional information and registration is available here.  Also, Mosaic was the focus of this article published yesterday.

SolarCity IPO Scheduled for December 12


NOTE: There is an update to this post here.

SolarCity, a San Mateo, California-based company that installs and sells solar power systems to homeowners, businesses, and government institutions, is currently scheduled to price shares in its initial public offering (IPO) by December 11 and may begin trading as early as December 12 on the NASDAQ under ticker symbol "SCTY".

Based on SolarCity's most recent S-1 filing, the company plans to sell 10 million shares of common stock at a price range of between $13 – $15 per share.  If the final offering price is at the midpoint of this range ($14), the company estimates that the net proceeds it will receive in the IPO will be approximately $127 million (net of commissions and expenses related to the IPO).  

If the final offering price is $14, SolarCity will have a market capitalization of approximately $1 billion (based on the approximately 71 million shares of common stock outstanding as indicated in the S-1).

You can learn more about this offering via the following:

In addition, are some videos with background information on SolarCity

Wanxiang America Corporation to Acquire Substantially All Assets of A123 Systems for $256.6 Million

A123 Systems

A123 Systems, a company that develops and manufactures lithium-ion batteries and battery systems for the transportation, electric grid services, and portable power markets, announced that it has reached agreement on the terms of an asset purchase agreement with Wanxiang America Corporation (“Wanxiang”) through which Wanxiang would acquire substantially all of A123’s assets for $256.6 million.

This agreement was reached following an auction conducted under the supervision of the United States Bankruptcy Court for the District of Delaware (the “Court”). A hearing at which A123 and Wanxiang will seek the required Court approval of the sale is scheduled for Tuesday, December 11, 2012.

According to the terms of the asset purchase agreement, Wanxiang would acquire A123’s automotive, grid and commercial business assets, including all technology, products, customer contracts and U.S. facilities in Michigan, Massachusetts and Missouri; its cathode powder manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123’s joint venture with Shanghai Automotive.

Excluded from the asset purchase agreement with Wanxiang is A123’s Ann Arbor, Mich.-based government business, including all U.S. military contracts, which would be acquired for $2.25 million by Navitas Systems, a Woodridge, Ill.-based provider of energy-enabled system solutions and energy storage products for commercial, industrial and government agency customers.

“As we had hoped, the auction process for A123’s assets was robust and competitive. We are pleased with the result of the auction and believe that the selected bids from Wanxiang and Navitas maximize the value of A123’s assets for the benefit of our stakeholders. We expect that the sale will be approved by the Court, at which time we plan to execute the separate asset purchase agreements with Wanxiang and Navitas,” said Dave Vieau, Chief Executive Officer of A123. “We think we have structured this transaction to address potential national security concerns expressed during the review of our previous investment agreement with Wanxiang announced in August as well as to address concerns raised by the Department of Energy. We believe this transaction balances those risks with A123’s obligation to act in the best interest of our creditors.”

Wanxiang America is a subsidiary of Wanxiang Group, China’s largest automotive components manufacturer and one of China’s largest non-state-owned companies. A123 is Wanxiang’s fifth clean energy investment in the U.S. in 2012.

“We believe that A123’s industry-leading technology for vehicle electrification, grid energy storage and other industries complements Wanxiang’s strong R&D and manufacturing capabilities, so we think adding A123 to our portfolio of businesses strongly aligns with our strategy of investing in the automotive and cleantech industries in the U.S.,” said Pin Ni, president of Wanxiang America. “We plan to build on the engineering and manufacturing capabilities that A123 has established in the U.S. and we are committed to making the long-term investments necessary for A123 to be successful.”

A123 Systems was founded in 2001 to commercialize new battery technology developed at the Massachusetts Institute of Technology. The company began selling its first products commercially in the first quarter of 2006. The company had an IPO in 2008 and filed for bankruptcy in October, 2012.

Save $500 on 2013 Clean-Tech Investor Summit in Palm Springs, CA (Feb. 6 – 7)

Thanks to our friends at the International Business Forum, readers of Green VC can save $500 on registration for the 2013 Clean Tech Investor Summit. This event will take place in Palm Springs, California on February 6 and 7, 2013.  This conference wlll provide educational sessions and networking opportunities for those in the cleantech/greentech field, including entreprenuers, corporate leaders, and members of the investment community, including venture capital and private equity firms.

Enter code "GREENVC" (without the quotes) when registering online to receive your savings. Complete conference information is available here. The following video is an excerpt of a presentation given my Elon Musk at the 2011 event.

Garage Technology Ventures Announces New Cleantech Investment Program

Garage Technology Ventures

Garage Technology Ventures, a seed and early stage venture capital fund, announced earlier this week that it is is partnering with global corporate investors to launch a new investment program in the U.S.  

The initial investment focus of this new program are technologies of strategic interest to Garage’s corporate partners in the areas of materials science, energy technologies, advanced chemistry, and clean technologies. Investments will range from $500,000 to $5 million.

“Corporate investors see the need to participate more aggressively in the new venture ecosystem,” said Bill Reichert, managing director of Garage Technology Ventures. “At the same time, global strategic investors can bring a lot more than just money to an emerging technology company, if the relationship is managed correctly. The result is a win-win for entrepreneurs and for corporations.”

Additional information on this new program is available here. Interested companies can submit their executive summaries to Garage at summary [at]

December 17 is Application Deadline for Southern California Clean Energy Technology Acceleration Program

A brief note — December 17 is the deadline for the Southern California Clean Energy Technology Acceleration Program. Selected Fellows win up to $40,000 in funding to commercialize their technologies as well as advisory services.  A brief overview of the program is listed below — complete information is available here

The von Liebig Center for Entrepreneurism and Technology Advancement at the UC San Diego Jacobs School of Engineering in conjunction the Rady School of Management, San Diego State University, CONNECT and CleanTech San Diego announce the launch of the Southern California Regional Renewable Energy Technology Acceleration Program sponsored by the U.S. Department of Energy.

This program is intended to accelerate the commercialization of novel renewable energy technologies developed within research institutes and universities throughout the Southern California region.

Selected science and engineering graduate students and postdoctoral researchers from local universities or research institutes will each be awarded a fellowship of $40,000 to be used to support one or more than one graduate student and/or postdoctoral researcher on the selected project. The von Liebig Fellows will collaborate with MBA students from either the Rady School of Management at UCSD or San Diego State University and will receive business mentoring from the von Liebig Center's Technology and Business Advisors (worth an estimated $15,000) providing practical training on technology commercialization.

January 7 is Deadline for 2013 Echoing Green Fellowship

A brief note — January 7, 2013 is the application deadline for the 2013 Echoing Green Fellowship. Echoing Green provides seed funding for social entreprenuers to launch new organizations.  Thusfar, Echoing Green has invested more than $31 million in seed funding to more than 500 social entrepreneurs and their organizations.  You can learn more about applying for an Echoing Green Fellowship here

Below are videos that provide some background on the Echoing Green Fellowship.

December 16 is Deadline for $1 Million Hult Prize

A brief note — the final application deadline for the 2013 Hult Prize, a start-up accelerator for social entrepreneurship that will award $1 million to the winning team, is December 16th.  Complete information on the Hult Prize is available at 

Below is a video highlighting the 2012 Hult Prize awards.

MIT Club of Northern California Presents “Clean Tech Investing in 2013: Where are the New Opportunities?” on December 4

On December 4, the MIT Club of Northern California will present Clean Tech Investing in 2013: Where are the New Opportunities? Presenters will be:

  • Cheryl Martin – ARPA-E
  • Ray Rothrock – Venrock Partners
  • Pierre Lamond – Khosla Ventures 
  • Stuart Bernstein – Goldman Sachs 
  • Moderator: Quentin Falconer – Clean Tech Practice, SVB

This event will be held from 6:00 – 9:00 pm at Silicon Valley Bank, 3005 Tasman Ave, Santa Clara CA 95054. Additional program information and registration is available here.

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