SolarCity Plans IPO, Submits Paperwork TO SEC
SolarCity Corp., a developer of rooftop solar power systems has filed a draft registration statement with the Securities & Exchange Commission, pointing to an initial public offering filing for the company in the coming months.
Paperwork was filed by company chairman Elon Musk, the founder of Paypal, Tesla and SpaceX.
Paperwork was submitted to the SEC on April 26 however a recent statement did not reveal how many shares the company plans to sell during its initial offering or what starting price the company’s shares would aim to achieve.
The announcement comes during a time when various renewable-energy companies including BrightSource Energy Inc. and Enerkem Inc. have begun to abandon IPO plans.
Musk however isn’t your typical renewable-energy chairman, in 2010 he took vehicle maker Tesla public with a successful IPO despite critics who claimed for years that Tesla was doomed for immediate and utter failure.
SolarCity was founded in 2006 by brothers Lyndon Rive and Peter Rive who happen to be Musk’s cousins.
Projects already completed by SolarCity including work for Google Inc, Citigroup Inc, and US Bancorp among others. The company has also received significant backing from Mayfield Fund, Draper Fisher Jurvetson and Al Gore’s Generation Investment Management LLP.
The company at this time has not released any further details about its IPO plans.
In the meantime its going to be an even bigger week for Elon Musk as his SpaceX commercial space agency will launch the Falcon 9 rocket and Dragon capsule, becoming the first commercial company to deliver a shipment to the International Space Station.
