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SolarCity IPO Rescheduled for December 13 with Updated Pricing

SolarCity

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:

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SolarCity IPO Scheduled for December 12

SolarCity

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


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SolarCity Raises $81 Million

SolarCitySolarCity announced earlier this week that it has raised $81 million in equity financing. The round was co-led by Silver Lake Kraftwerk and Valor Equity Partners, and included investments from Nicholas J. Pritzker, partner at Tao Ventures and senior development advisor for Hyatt Hotels Corp., and Shea Ventures, an affiliate of SolarCity partner Shea Homes. SolarCity Chairman Elon Musk and existing SolarCity investor DBL Investors also participated. The company stated that these funds will support SolarCity’s expansion of sales, marketing and operations, technology development and potential acquisitions.

“Individuals and organizations of all shapes and sizes are fed up with the growing cost and consequences of traditional energy,” said Lyndon Rive, SolarCity’s CEO. “This investment provides SolarCity the resources to explore new products and services and identify new geographies and potential acquisitions as we seek to deliver better energy choices to more customers.”

“SolarCity is the leader in its space,” said Raj Atluru, co-founder of Silver Lake Kraftwerk. “The company’s unique, vertically-integrated model, paired with incentives and falling technology costs, allows it to provide solar electricity to customers at lower rates than they pay for utility power. We’ve thoroughly analyzed SolarCity’s full-service approach to solar and energy efficiency and we believe it has the ability to deliver superior customer experience and service across multiple sectors.”

“SolarCity is making clean energy more accessible and affordable, and we’re excited for the opportunity to invest in its operations,” said Antonio Gracias, CEO of Valor Equity Partners.  Valor is also an investor in Tesla Motors.

According to Dow Jones VentureWire, SolarCity had raised $121 million in equity prior to this round (see prior Green VC coverage for some of these earlier investments).  There have also been numerous reports that SolarCity is considering an IPO.

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SolarCity Raises $21.5 Million in Financing

SolarCity SolarCity, a full-service solar provider for homeowners, businesses and government organizations, announced earlier this month that it closed a $21.5 million round of private financing. The round was led by Mayfield Fund and supported by additional investments from existing SolarCity investors Draper Fisher Jurvetson, DBL Investors and Generation Investment Management LLP. In addition, Navin Chaddha, Mayfield Managing Director, will join SolarCity’s board of directors as an observer.

The company stated that it will use the new funding to accelerate its growth and expansion to new markets. The company currently has more than 13 installation centers, 700 employees and 8,000 customers in Arizona, California, Colorado, Oregon, and Texas.  An overview of SolarCity is provided in the following video:

“Mayfield has an excellent track record and we’re excited to add them as an investor,” said Lyndon Rive, SolarCity’s CEO. “We remain focused on our ultimate goal of providing clean power to millions of homes and businesses at a lower cost than polluting power sources. The new financing will accelerate our geographic expansion and give us the option to consider additional acquisitions.”

"SolarCity's world-class team and proven momentum in the design, delivery and financing of solar power systems make it an ideal addition to our Energytech portfolio," said Navin Chaddha, Mayfield Managing Director.

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First Solar Invests $25 Million in SolarCity; Companies Announce 100 MW Module Supply Agreement

Today, thin-film solar company First Solar and residential solar installer SolarCity made two announcements:

  1. The two companies have entered into a five-year agreement in which First Solar will supply 100 MW (megawatts) of its thin film solar modules to SolarCity. First Solar will begin delivering modules to SolarCity in Q1 2009.  This agreement represents First Solar’s initial activity in the U.S. residential market.
  2. First Solar will make a $25 million equity investment in SolarCity.  This is part of a $30 million round of financing that will support SolarCity’s continued U.S. expansion.  SolarCity currently serves markets in California, Arizona and Oregon

“The combination of First Solar’s modules with SolarCity’s innovative approach to designing, financing and maintaining complete solar solutions enables homeowners and small business owners to lower their electricity costs while reducing air pollution and the effects of global warming,” said Mike Ahearn, First Solar’s chief executive officer.

“Our relationship with First Solar will enable us to deliver affordable solar power to a wider market of residential and small commercial customers,” said Lyndon Rive, chief executive officer of SolarCity. “We believe that together, SolarCity and First Solar are uniquely capable of making solar power competitive with the cost of electricity generated from fossil fuels across the U.S. – making solar a mainstream source of electricity in the next several years.”

For more information: