Sydney-based solar systems manufacturer SolarJuice Co Ltd, a subsidiary of renewable energy firm SPI Energy Co Ltd (NASDAQ: SPI), has rekindled its ambition to go public in the United States by submitting a new blank filing with the Securities and Exchange Commission (SEC).
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Solarjuice revives its plan to go public in the US
SolarJuice Co Ltd, a prominent player in the solar photovoltaic (PV) energy sector, has reignited its plan to go public in the United States. This move marks a resurgence of their initial intentions, which were first put forth in September 2022. Initially, the company had sought to raise USD 22.5 million (EUR 21.1 million) in gross proceeds from the sale of 2.5 million ordinary shares. However, in January, they decided to scale the offering to a maximum of USD 18 million by adjusting the targeted price range for their shares. This strategic pivot aligns with the evolving dynamics of the renewable energy market and investor sentiment.
SolarJuice’s listing will be on the Nasdaq stock exchange under the trading symbol SJA. Notably, Linton Crystal Technologies Corp, a manufacturer of furnaces for producing monocrystalline ingots, remains a cornerstone investor in the revived initial public offering (IPO). However, their investment amount has yet to be disclosed, emphasising the fluid nature of investment negotiations in the renewable energy sector. The underwriter for this IPO is Maxim Group, a prominent financial services firm specialising in capital markets.
Solarjuice at a glance
SolarJuice Co Ltd specialises in offering solar photovoltaic (PV)-based energy solutions and roofing installations for residential and small commercial buildings, primarily in Australia and the United States. Their commitment to sustainable energy solutions has garnered them a strong presence in both markets. The company has witnessed substantial growth in recent financial periods. In the fiscal year ending on June 30, 2023, SolarJuice reported a notable increase in net revenue, reaching USD 94.8 million, compared to USD 81.5 million the previous year. Furthermore, their operating loss substantially narrowed to USD 667,000 from USD 4.44 million in the preceding reporting period, a testament to their dedication to financial stability and sustainable growth.
Source: Solarjuice About and Events, Renewables Now
Solarjuice: Notable contender in the IP landscape
This decision to revive the plan to go public in the US reflects SolarJuice’s determination to expand its footprint and significantly impact the global renewable energy market. SolarJuice’s IPO could attract significant investor interest, accelerating the adoption of solar energy solutions for residential and small commercial buildings in Australia and the US as the world increasingly pivots towards cleaner and more sustainable energy sources. The company’s continued growth and commitment to innovation position it well to navigate the challenges and opportunities in the renewable energy sector, making it a notable contender in the upcoming IPO landscape.
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