Thursday, April 12, 2012

Solar: BrightSource Cancels IPO Citing Complete Lack of Interest

Okay, they didn't really come out and say that, quite the opposite in fact.
Plenty of interest, just no checks.
It was actually the fact that having Robert Kennedy Jr. as one of your VC's wasn't as big a draw as it was when cousin Maria Shriver was in the California Governor's Mansion.
Market conditions. Yeah, that's the ticket.

From the San Jose Business Journal:
BrightSource Energy Inc. said Wednesday it is planning to withdraw its registration statement for its IPO from the U.S. Securities and Exchange Commission . The Oakland-based solar thermal technology company cited adverse market conditions as its reasoning.

"While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO," said CEO John Woolard in a prepared statement. "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."...MORE
April 2011 
BrightSource Energy Finalizes $1.6 billion in loans guaranteed by the US Department of Energy; Google Buys $168 Millinon Equity Stake (GOOG)
March 2011 
"BrightSource Raises Another $201M for Solar Thermal"
October 2009 
Solar: "Robert Kennedy on Being Subversive"