Australian solar systems maker SolarJuice Co Ltd, a unit of renewable energy company SPI Energy Co Ltd (NASDAQ:SPI), has filed for an initial public offering (IPO) in the US, seeking to list its shares on the Nasdaq stock exchange under the symbol SJA.
The Sydney-headquartered firm has not set the final terms of the proposed offering. It currently plans to place five million shares in the transaction.
Upon completion of the IPO, SPI Energy will keep control of the business with a shareholding of more than 50% of the voting power.
Maxim Group has been hired as an underwriter for the IPO.
SolarJuice said in the filing that the net proceeds from the offering will be used for working capital and general corporate purposes, including boosting the capacity of its US assembly factory for solar modules. In addition to the current module manufacturing facility in California, the company plans to build a 2.5 GW module assembly factory on the east coast of the US.
The firm also plans to spend part of the funds on expanding its distribution business in Australia and other countries as well as its US roof and solar system installation operations, among other initiatives, according to the IPO prospectus.
SolarJuice provides solar photovoltaic (PV)-based energy solutions and roofing installations for the residential and small commercial building markets in Australia and the US. It is a wholesaler and distributor of PV modules, solar energy inverters, batteries and storage devices, other solar “balance of system” (BOS) components and accessories.
The business booked USD 81.5 million (EUR 81.6m) in sales in the six months ended June 30, 2022, up from about USD 75.8 million in the first half of 2021. Its net loss in the reported period narrowed to USD 586,000 from USD 8.1 million.
(USD 1 = EUR 1.002)
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