A123Systems Was Officially the Largest IPO of 2009
Katie Fehrenbacher - Energy Storage
First off, A123 Systems’ lead makes the IPO prospects for greentech firms, and particularly electric vehicle companies, in 2010 look pretty good. The IPO market in 2009 was still very “anemic,” points out Dow Jones VentureSource. A123 Systems represented about a third of the overall IPO market in 2009 (about $900 million in all of 2009, see graphic below).
A123Systems’ killer IPO could be a good indicator for the success of Tesla, the electric vehicle company, in 2010, if it plans to go public. A Tesla IPO could be the biggest and possibly the first public offering for a U.S. car company since Ford Motor's IPO more than 50 years ago.
But all greentech isn’t created equal. So it will be interesting to see how much Solyndra, the thin film solar firm, or Codexis, the biocatalyst developer, will be able to raise. Solyndra has certainly been able to raise a ton of money from the private sector — close to $1 billion, the most I’ve ever heard of being raised by a startup.
The other big question for 2010 is: Will the IPO market return considerably? Analysts at Dow Jones VentureSource think so. The researchers note that there are 25 venture-backed companies currently in IPO registration, and that “it is clear that many entrepreneurs and their investors expect the market to improve in the coming year.”
Earth2Tech Week in Review
Josie Garthwaite - Misc
Hit or Miss?: The Clock is Ticking on These 5 Greentech Deadlines Companies often publicly announce a goal for a certain date — to get media attention, to gain funding or partners, or to try to set a company on a specific path — but then the reality of the landscape sets in. Time’s up for some of these companies to deliver the goods by 2009, while others have decided to push dates to 2010.
Codexis IPO: Why It Needs Shell & Other Fast Facts: We dug through the biocatalyst developer Codexis’ IPO registration (filed this week), and found tidbits on just how much the startup has had to pay the drug development company it spun out of seven years ago, how heavily it's banking on oil giant Shell to commercialize biofuels, and what happened to the chief financial officer that the company once considered so valuable he was the only exec earning above market rate.
C3: Siebel, Condoleezza Rice, and Close to $26M: C3, the carbon-focused stealthy startup from Thomas Siebel (the guy who sold Siebel Systems to Oracle for billions of dollars) has filed several D-filings with the SEC in recent weeks. The documents reveal that C3 is in the process of raising close to $26 million and has high-profile political directors, including former Secretary of State Condoleezza Rice and former Senator and Secretary of Energy Spencer Abraham.
The EPA’s Answer to Vehicle Emissions Modeling: MySQL:The Environmental Protection Agency has just updated its modeling system for estimating emissions from cars, trucks. It's written in Java and based on MySQL's open-source database software (commonly used by web companies), and it could provide a more accurate picture of how much pollution will be produced or prevented as a result of different initiatives and emission control strategies.
What to Watch For in 2010: How Utilities Will Enable Zigbee: Many utilities won't be turning on the wireless communication chips (most often the wireless standard ZigBee) in their smart meters until well into 2010, and it will be a very controlled process. That’s going to be a big issue over the next couple months for startups building the next generation of home eneryg management tools.
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