BrightSource, the builder of solar thermal projects, has canceled its initial public offering on the eve of its planned debut, citing "adverse market conditions."
"While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO," BrightSource CEO John Woolard said in a statement this evening (PDF). "As a company, we've consistently made decisions in the best interest of our shareholders, employees and customers, and we will continue to do so. Fortunately, we're in a strong financial position and have the support of world-class investors and partners."
The Oakland, Calif.-based company, one of the few green-tech companies started in the last decade to seek to go public, filed its IPO plans last Earth Day and was expected to begin trading this week. The company, which is backed by VantagePoint Venture Partners, sought to raise $182.5 million from the stock market to build a pipeline of utility-scale solar power projects.
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| BrightSource solar thermal power plants can be equipped |
| with a two-tank molten salt storage system, as shown on |
| the right side of this image. |
"While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO," BrightSource CEO John Woolard said in a statement this evening (PDF). "As a company, we've consistently made decisions in the best interest of our shareholders, employees and customers, and we will continue to do so. Fortunately, we're in a strong financial position and have the support of world-class investors and partners."
The Oakland, Calif.-based company, one of the few green-tech companies started in the last decade to seek to go public, filed its IPO plans last Earth Day and was expected to begin trading this week. The company, which is backed by VantagePoint Venture Partners, sought to raise $182.5 million from the stock market to build a pipeline of utility-scale solar power projects.
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