Dive Brief:
- Energy efficiency company Opower has filed confidential papers to launch an initial public offering (IPO) to sell company stock. The company has not commented yet on the report.
- The company is taking advantage of a new law that lets companies with less than $1 billion in revenue have an IPO without releasing financial information.
- Opower has been growing quickly with staffing levels climbing to about 480 from 300 in the last year.
Dive Insight:
There have been rumors for months that Opower would go public. If successful, an IPO by Opower would help the company scale faster. It would also boost financing opportunities for the entire clean energy sector, which has seen SolarCity go public and Nest, famous for its cool thermostats, sell for $3.2 billion to Google. Utility Dive explores what's next for the company and the rest of the clean energy sector in a piece here.
Utility Dive recently visited Opower's headquarters to speak with CEO Dan Yates about the startup's business model and utilities' role in the transition to clean and efficient energy economy.