Solarcity seeks multi million IPO return
SolarCity Corporation has announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have not been determined. SolarCity intends to apply to list its common stock on The NASDAQ Global Market under the ticker symbol "SCTY".
The news comes as the company announces a major expansion in New York state with new locations in Westchester County and Long Island. SolarCity's three New York locations (the company also recently expanded into a new operations center in Albany) make SolarCity's set of affordable clean energy services widely available in the state.
New York's Secretary for Energy and Environment, Robert M. Hallman said: "Under Governor Cuomo's NY-Sun program, we are dramatically increasing solar energy installations all across New York. Today's announcement by SolarCity shows that NY-Sun is not only good energy and environmental policy, it is also good for business and the economy of the State. We are proud to welcome SolarCity to Westchester and Long Island."
SolarCity can make it possible for many homeowners and businesses to install solar panels for free and pay less for solar electricity than they pay for utility power. Customers can still purchase systems outright through SolarCity, but by removing the huge upfront costs of purchasing solar panels, SolarCity has made clean energy accessible to a much wider range of homeowners. SolarCity's 32,500-sq. foot operations center in Elmsford, NY will serve as a training center for the entire East Coast, and will allow SolarCity to make its full set of services available in the surrounding areas. The company hopes to introduce the first solar lease option on Long Island later this year, pending approval by the Long Island Power Authority.
"This expansion brings new jobs and cleaner power to New York," said Ed Steins, SolarCity's Northeast Regional Vice President. "Installers, electricians, construction managers and field sales are good local jobs that can't be outsourced."
SolarCity's expansion is due in large part to the efforts of Governor Andrew Cuomo and the state legislature. The NY-Sun Initiative signed in mid-August is expected to increase the state's solar installation volume and create jobs. SolarCity has already hired 100 full-time employees in New York, and currently has approximately 30 open positions in the state.
Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch will act as joint book-running managers for the IPO. Needham & Company, LLC and Roth Capital Partners will act as co-managers.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
