Mexico's Solarever hires consultancy to get ready for IPO

Solar panel installation. Source: Solarever USA.

May 5 (Renewables Now) - Solarever Ltd, a solar energy and electric vehicle (EV) company in Mexico, has hired a business and financial consulting services provider to help it explore and prepare for an initial public offering (IPO).

ATIF Holdings Ltd (NASDAQ:ATIF) announced on Wednesday that it will not only offer IPO advisory services to Solarever but will also acquire a 5.25% equity stake in the firm. It will lead the IPO process by making use of internal staff and engaging third parties in auditing, valuation, stock exchange consulting, investor relations and other IPO services, the press statement says.

Solarever designs and manufactures solar photovoltaic (PV) panels, energy storage systems, EVs and other zero-emission solutions. It owns three large plants in Mexico, including Latin America's largest solar panel production facility in Tecoman, Colima. In addition, the firm has a PV design facility in Chino, California, and warehouses in Laredo, Texas, and San Diego, California.

According to ATIF, Solarever is looking to raise money from a listing in order to scale production.

"Solarever has been doing business in Mexico for the past ten years, growing our market share in Mexico while building our business reputation across hundreds of customers throughout the United States, Canada, Latin America, and more recently, South America. Global energy markets have reached an inflection point, with consumers and investors demanding cleaner energy alternative sources independent of geopolitical events. Solarever has made tremendous efforts in global energy interconnection that addresses these concerns,” said Simon Zhao, president of Solarever.

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