Petaluma startup Enphase announces IPO share prices
Published: Friday, March 16, 2012 at 3:13 p.m.
Last Modified: Friday, March 16, 2012 at 3:13 p.m.
Petaluma green tech startup Enphase Energy has priced shares for its initial stock offering, saying it wants to raise nearly $100 million when it goes public.
No date has been set for IPO, but the announcement of terms means it could happen soon.
In a new filing with U.S. securities regulators, Enphase said it plans to offer 8.3 million shares at $10 to $12 each.
Founded in 2006, Enphase makes microinverters that boost the output of solar power systems. They attach to individual solar modules and convert DC to AC power.
The Enphase system increases energy production up to 25 percent, the company said. It has sold 1.7 million units in the United States, Canada and Europe since it started shipping in 2008, the company said this week.
Enphase raised $22 million in venture capital last year.
Most of its customers are solar distributors who sell the technology to solar installers. Enphase has more than 300 employees, with the largest number at its Petaluma headquarters.
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