Source: BrightSource Energy, Inc.
BrightSource Energy, Inc., a leading solar thermal technology company, announced that it has decided not to pursue its initial public offering due to adverse market conditions. The company 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. “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.”
BrightSource Energy designs, develops and deploys concentrating solar thermal technology to produce high-value steam for electric power, petroleum and industrial-process markets worldwide. The company is deploying its technology at the Ivanpah Solar Electric Generating System, which when completed, will be the largest solar thermal project in the world. Ivanpah fulfills the first three of 13 power plants that the company is delivering to meet its more than 2.3 gigawatts of contracts with Pacific Gas & Electric Company and Southern California Edison.
“With our pipeline of U.S. contracts and our flagship Ivanpah project, we have established a leading position in the domestic solar thermal energy space,” added Woolard. “We will continue to execute on our business plan to grow domestically and expand internationally to meet the growing demand for our technology.”