Tuesday, August 3, 2010

Trony Solar Gives Up I.P.O., Another Green Casualty

Chinese thin-film solar module maker Trony Solar has canceled its filing for an initial public offering on the New York Stock Exchange after eight months. The move further solidifies the green sector’s miserable I.P.O. streak, VentureBeat reported.

Trony is one of a host of cleantech companies that jumped at the chance to go public after battery maker A123Systems’ blockbuster sale in September 2009. That company’s stock price skyrocketed nearly 50 percent on its first day, leading entrepreneurs to believe the I.P.O. markets were finally thawing after more than a year.

But it looks like Trony and its cohort acted too soon. Not only have several green companies raised disappointing amounts in their public sales earlier this year — biofuel maker Codexis and Chinese solar cell maker Jinko Solar among them — some have scrapped their ambitions altogether, most notably cylindrical solar cell maker Solyndra. Even A123, which spearheaded so many filings in late 2009, has seen its stock price steadily drop since.


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