Solar energy company withdraws IPO

BrightSource Energy Inc. on April 11 said it has decided not to pursue its initial public offering due to adverse market conditions. The company said it intends to withdraw its registration statement on Form S-1 as filed with the Securities and Exchange Commission.

“While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO,” said John Woolard, president and CEO of BrightSource Energy.

BrightSource Energy designs, develops and deploys concentrating solar thermal technology to produce steam for electric power, petroleum and industrial-process markets worldwide. The company is deploying its technology at the 392 MW Ivanpah Solar Electric Generating System in California. Ivanpah fulfills the first three of 13 power plants that the company is delivering to meet its more than 2.3 GW of contracts with Pacific Gas & Electric Co. (NYSE: PCG) and Southern California Edison.

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