Dive Brief:
- Behavioral efficiency startup Opower is scheduled to hold its initial public offering (IPO) this week, though the date is not yet known. A source close to Opower said the IPO will take place on Thursday; an article on Seeking Alpha says the date is Friday.
- Opower plans to raise $110 million by offering 6.1 million shares of stock for $17-$19.
- The quoted price would give Opower a market value of $993 million at the midpoint of its range. According to recently released financial information, Opower made $89 million in sales in 2013, though it still lost $14.2 million overall.
Dive Insight:
Utility Dive visited Opower's headquarters last year to talk to CEO Dan Yates about the company's business model and the role that utilities can play in the transition to a clean energy future.
Opower’s IPO is yet another sign that the clean energy space is starting to mature.
Stuart Bernstein, global head of Goldman Sachs' Clean Technology and Renewables Group, expects between "half a dozen to a dozen" cleantech companies to IPO this year. Some have already registered IPOs confidentially as Opower just did, according to the Wall Street Journal.