Business Roundup: EnerNOC Revenue Grows 371%, GE Acquires Albeo, Solar City Sets IPO Price Range
EnerNOC, a provider of enterprise-class energy management applications, ranked 228th on Deloitte’s Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences, and clean technology companies in North America.
EnerNOC CEO Tim Healy credits increased interest in enterprise-class energy management, broader geographic demand, and positive pricing trends for the company’s 371 percent revenue growth.
Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011. In order to be eligible for recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
GE Lighting has signed an agreement to acquire Boulder, Colo.-based Albeo Technologies, a privately held LED fixture manufacturer established in 2004. Albeo’s LED fixture portfolio will enhance GE Lighting’s ability to help enterprise customers move toward an all-LED building envelope in new construction and retrofits, including retail, commercial and industrial high-bay applications.
Albeo Technologies’ LED systems – high-bay, low-bay, linear, surface mount and under cabinet fixtures – are at work in commercial, warehouse, industrial, cold storage, office, data center, food processing, parking garage, school, sporting and correctional settings.
San Mateo, Calif.-based SolarCity announced in an SEC form S-1 filing that it will sell 10 million common shares in an initial public offering at between $13 and $15 per share to raise up to $150 million. The company will apply to list its common stock on the Nasdaq Global Market under the ticker symbol ‘SCTY’.
SolarCity plans to use the net proceeds from the IPO for general corporate purposes, including working capital, capital expenditures and potential acquisitions of complementary businesses, technologies or other assets.
Following the IPO, the company will be valued at about $1.08 billion, making it the second-most valuable US-listed solar company, behind First Solar, which has a market capitalization of more than $2.2 billion, according to Reuters.
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