SolarEdge, an Israel-based solar inverter system supplier backed by Norwest Venture Partners, the venture firm funded by bank Wells Fargo, filed for a $125m initial public offering on Wednesday.
Founded in 2006, SolarEdge produces optimised solar inverter systems equipped with a cloud-based monitoring platform that are intended to increase the power generation of solar photovoltaic modules, lowering the overall cost of solar energy.
SolarEdge has now shipped 1.6 GW of inverter systems since it was founded. The company made a $21.4m loss in 2014, though its revenues increased 68% year on year to $133.2m.
Norwest holds a 10.6% stake in SolarEdge, while other notable shareholders include Opus Capital, Genesis Partners and Pacven Walden Ventures, all of which own 14.6% stakes, Lightspeed Venture Partners (11.5%), Vertex Venture Capital (5.9%) and ORR Partners (5.5%).
The IPO will follow $96.6m of venture funding across four rounds. Past investors also include GE Capital, a subsidiary of conglomerate General Electric that participated in SolarEdge’s $23m series B round in 2009, and JP Asia Capital Partners.
SolarEdge, which filed confidentially in November last year, plans to float on Nasdaq. Goldman Sachs and Deutsche Bank are the joint bookrunners for the offering, and the other underwriters are Needham & Company, Canaccord Genuity and Roth Capital Partners.
– Photo courtesy of SolarEdge Technologies, Inc.