Noutati | Eficienţa Energetică

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar-by-technology-renewable-energy-news/solyndra-to-go-ahead-with-ipo-no-date-set.html

US and Germany-based solar manufacturer Solyndra told NewNet it still intends to go-ahead with plans mooted earlier in the year to carry out an initial public offering (IPO), despite shelving its June listing due to ‘ongoing uncertainties’ in the public capital markets.

A spokesperson for the company said it is still planning to make the offering, but has not yet set a time as to when this will happen.
‘An IPO is still a planned outcome but we have no new timing or announcements on that front,’ said company spokesperson David Miller.
At the time it withdrew its IPO, the company opted instead for a $175m private placement.
Its former CEO Dr Chris Gronet said the company elected to pursue alternative funding from its existing investor base due to market uncertainties.
Solyndra said it spent the last three months examining every aspect of the business and developing a new business plan, ‘in order to win in a tough competitive pricing environment’.
This new strategy was spearheaded by the company’s new CEO Brian Harrison. The former president and CEO of flash memory company Numonix was appointed in July and boasts, ‘very extensive manufacturing experience’, according to Solyndra.
Part of its revamped business plan involves shedding between 20 and 40 staff as well as additional contractors and temporary staff. The company will also close one of its fabrication facilities in order to consolidate with another, known as Fab 2, which Miller said is currently ahead of schedule.
The company has doubled its revenues this year to around $140m and expects to continue to grow rapidly next year, he said.
‘We delivered tremendous growth this year….We expect this plan will allow us to double shipments next year and take us to cash-flow positive by the end of 2011,’ he said.