Enphase Energy, a US-based developer of renewable energy equipment part-owned by Applied Ventures, plans to raise $100m in its Nasdaq flotation.
Applied Ventures, the corporate venturing fund of Nasdaq-listed electronics company Applied Materials, owns 6.3% of Enphase having invested about $5.5m in its series B through to E rounds and $2.44m in a convertible loan earlier this month, according to the portfolio company’s regulatory filing.
Its other main investors are venture capital firms Third Point Ventures (19.1%), Rockport Capital Partners (18.1%), Madrone Partners (14.8%), Kleiner Perkins Caufield & Byers (7.7%) and Bay Partners (5.5%).
In June last year, other, undisclosed, strategic investors joined Applied Ventures as part of a second close of a $63m investment round in Enphase led by Kleiner Perkins Caufield & Byers.
The second stage closed at $23m, with Applied Ventures part of the first $40m raised in March alongside VCs Bay Partners, Horizon Technology Finance, Bridge Bank, Third Point Ventures, RockPort Capital Partners and Madrone Capital Partners.
Enphase previously said it had raised $22.5m in May last year, $15m in September 2008 and $6.5m in January that year.
Investment banks Morgan Stanley and BoA Merrill Lynch are co-lead underwriters of Enphase’s initial public offering for a company with a $21m net loss last year on $61m in revenue.