Australia's SolarJuice files for US IPO
- Australian solar systems manufacturer SolarJuice Co Ltd, a system of renewable energy business SPI Energy Co Ltd (NASDAQ: SPI), has actually applied for a going public (IPO) in the United States, seeking to detail its shares on the Nasdaq stock market under the symbol SJA.
The Sydney-headquartered firm has not set the final regards to the proposed offering. It currently prepares to place 5 million shares in the transaction.
Upon conclusion 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 expert for the IPO.
SolarJuice said in the filing that the net proceeds from the offering will be used for working resources as well as general corporate purposes, including increasing the capacity of its United States assembly manufacturing facility for solar modules. In addition to the present module production center in California, the business plans to develop a 2.5 GW module assembly manufacturing facility on the east coast of the United States.
The firm also intends to spend part of the funds on expanding its circulation organization in Australia and various other nations along with its US roofing and also planetary system setup procedures, to name a few efforts, according to the IPO prospectus.
SolarJuice supplies solar photovoltaic or pv (PV)-based energy services and roof covering installments for the residential and also small commercial building markets in Australia and the United States. It is a wholesaler as well as supplier of PV modules, solar power inverters, batteries as well as storage devices, other solar "equilibrium of system" (BOS) components and accessories.
Business booked USD 81.5 million (EUR 81.6 m) in sales in the six months ended June 30, 2022, up from about USD 75.8 million in the first fifty percent of 2021. Its bottom line in the reported duration narrowed to USD 586,000 from USD 8.1 million.