Hot on the heels of Open Table (OPEN) and SolarWinds going public (SWI) Steve Westly, cleantech investor and managing partner of The Westly Group, predicts the next three IPOs in cleantech for Earth2Tech.
The smart grid infrastructure company has $500 million in contracts, and expects that to grow to $1 billion by year end. It anticipates being profitable on $75 million in revenue for 2009, and its CEO has openly discussed the possibility of an IPO.
Makes sense to us, the company has $1.8 billion in backlog orders for its proprietary solar system. It received a loan guarantee from the government worth $535 million to build a new factory. The downside is that the solar market is crowded and there’s a solar panel glut.
This one could be a ways off. Tesla’s spokesperson Rachel Konrad told Earth2Tech and others that Tesla won’t be profitable this year. Of course, Tesla thinks that once it gets its DOE loan and can start building a factory for the Model S, it will be smooth sailing to profitability. It says its electric powertrain business is cash flow positive. We heard a less than rosy assessment of Tesla’s IPO chances recently: “Roadster demand is a reverse hockey stick, and it’s about to take on hundreds of millions in debt, and it’s not profitable, does that look like something that appeals to investors?” Maybe not right now, but in two years alot can change.
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