Founded in 2006, SolarCity does not manufacture solar panels, focusing instead on installation. While the prices of solar panels have been hammered by a supply glut, hurting manufacturers, installers are benefiting because solar power is now affordable for more consumers.
In six years, SolarCity has created a national brand as a leading installer of residential and commercial rooftop systems in 14 states across the country. It also pioneered the concept of a "solar lease," which allows homeowners to switch to solar power for no money down in exchange for monthly lease payments, typically on a 20 year contract. The company intends to expand internationally and has more than 2,000 employees.
difficult," Theo O'Neil, managing director of Litchfield Hills Research, said of . "That being said, installing panels here is perhaps the only thing that could make money in solar."
Micah Fromkin, right, crew leader for Solar City solar panel installers, and Christian Nike Air Max Thea Print Womens Lee, a junior installer, carefully place a solar panel onto the roof of a residential building in San Francisco on March 11, 2009. (D. Ross Cameron/Staff file)
"SolarCity has a complex business model, and there are potential risks Nike Air Max 2015 Black And Red Running Sport Shoes
Silicon Valley hasn't seen a big cleantech IPO since Tesla's blockbuster debut in June 2010. Other cleantech companies that have gone public, including battery maker A123, which filed for bankruptcy in Octoberand biofuel maker Amyris, have seen their valuations plummet. In April, Oakland based solar thermal startup BrightSource Energy shelved its IPO plans at the final hour.
around interest rates and how this company scales up," said Kallo. "I think it will price at the lower end of its range."
based SolarCity's upcoming IPO
company would raise $140 million and have a market value of roughly $1.2 billion.
Ben Kallo, an analyst at Robert W. Baird, said SolarCity can be viewed as a finance company rather than a solar company.
"Musk is giving investors messaging that he believes in SolarCity's business model and investment proposition and is voting with his wallet," said Sam Hamadeh, the head of New York based financial analysis firm PrivCo. "We think the vote of confidence will help actually succeed and price, despite so many clean energy IPOs recently having been pulled or postponed."
"There is little institutional interest in anything solar, so marketing this deal will be Nike Air Max Tavas In Grey / Bright Crimson
SolarCity is expected to price its shares after the market closes Tuesday and is expected to begin trading on the Nasdaq exchange Wednesday under the symbol SCTY. The company plans to sell 10 million shares at $13 to $15 a share. At the midrange point of $14 a share, the Air Max 2015 White Volt
Musk's willingness to put more skin in the game could help San Mateo based SolarCity attract other investors at a time when many on Wall Street remain skittish about clean energy in general and solar companies in particular. Experts say it's highly unusual for IPOs to have pre committed buyers.
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