Deal Day, IPO Coming. Array Technologies filed for their IPO yesterday, looking to raise an easy $100million. With over $1billion in sales and EBITDA somewhere in the 15% range, Array is going to have no problem raising the capital. The question is how big will the valuation be. Couple of interesting points. First, they should have done a direct listing. The market will value them much higher than the IPO will yield for shareholders in my opinion. Second, I’m surprised a SPAC didn’t make a big bid for this real business. Last, don’t be surprised if there is a last minute acquisition of the business instead of the IPO.
Battery Day Highlight. Tesla hosted its battery day yesterday. Here’s the three things you’re going to want to know. Tesla will seek to eliminate cobalt from its chemistry. The company will seek to make cathodes in-house and in the United States, Tesla continues to be a major creator of manufacturing jobs in the US. Doing so will aim to lower battery costs by 50% allowing for a $25,000 car to be sold. We will cover the impacts of a mass market electric vehicle another day.
The Case For Power Markets. In my latest podcast we talk about the pros and cons of monopolies versus power markets. One key difference between the two is how much gas is built one way or another, because the free markets basically eliminate any new natural gas plants from being built. This makes one wonder why IOUs feel the need to continue doing so when it’s not the best path forward.
Solar Market Update Call. Register for the next Roth Capital solar market call on October 2nd at 10am Eastern. The past calls have exposed the first highlight of major market trends.
MDV-SEIA’s Solar Focus Conference. With events going virtual, it’s important for companies to support their state chapters and allows for out of state companies to participate in the virtual events. Register for MDV-SEIA’s conference.
Launch of the SCF Suite 2.0. My friends over at Sustainable Capital Finance continue to innovate in the fast-growing C&I sector. They just launched their newly revamped software, the SCF Suite 2.0. The platform offers solar developers and EPC’s an efficient, centralized dashboard to receive indicative PPA pricing, download proposals, and populate & execute term sheets, EPC agreements & PPAs. The SCF Suite has been retooled with a fresh new look and the addition of many highly requested features. If you’re interested in learning more about how this software can speed up your transaction process, as well as increase your sales conversion rates through automated agreement population and e-signature features, feel free to check out their info page.
- Nasdaq: Solar panel mounting manufacturer Array Technologies files for a $100 million IPO
- The Verge: Here are Tesla’s biggest announcements from Battery Day
- SolarWakeup: The Case For Power Markets Building Less Gas and More Solar
- Greentech Media: Unlocking California’s Gigawatt-Scale Distributed Energy Potential
- PV-Magazine: Two key community solar advancements made in New York
- Axios: Dem voters care about global warming over coronavirus
- Solar Builder: Evergy’s solar demand charge was ruled illegal, but it’s still being collected
- EDF: Walmart commits to 100% zero-emission trucks by 2040, signaling electric is the future
- Bloomberg: Renewables Investor CleanCapital Looking to Raise $500 Million
Opinion
Best, Yann