[caption id="attachment_30507" align="alignright" width="300" caption="Enphase's microinverter helps increase energy efficiency of photovoltaic panels. (click to enlarge)"][/caption]
PETALUMA -- Enphase Energy, Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined.
The offering could reach $100 million, according to the filing.
As part of the regulatory filing, Enphase reported that it signed 10-year leases on June 3 for 96,000 square feet at 1400 and 1420 N. McDowell Blvd., two of the three office buildings that housed Alcatel-Lucent's Petaluma team until April. The leases are with Sequoia Center, LLC, managed by Basin Street Properties.
Enphase currently occupies nearly 22,000 square feet at another Basin Street building, Waterfront Office Building in downtown area of the city. That lease was set to expire in November.
The company's first commercial shipment was in mid-2008, and had shipped more than 750,000 units by May 31 of this year, representing an estimated 25,000-plus installations of photovoltaic systems. In California, the company's market share increased to 20 percent of inverter sales, according to figures the company cited from the California Solar Initiative.
Net revenues were $61.7 million in 2010, up from $20.2 million in 2009, according to the filing. First-quarter 2011 sales were $18.1 million, compared with $11.6 million a year before.
Net loss was $21.8 million in 2010, compared with $16.7 million in 2009. First-quarter net loss expanded to $8.96 million from $3.73 million 12 months prior.
The managers of the proposed initial public offering will be Morgan Stanley & Co. LLC and BofA Merrill Lynch. Jefferies & Company, Inc. will be acting as joint lead manager, and Lazard Capital Markets LLC and ThinkEquity LLC will be acting as co-managers. This offering will be made only by means of a prospectus. A copy of the preliminary prospectus, when available, may be obtained from the offices of Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at prospectus@morganstanley.com; or BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department, or email dg.prospectus_requests@baml.com.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
Enphase Energy pioneered a fundamentally new inverter technology for the solar industry that increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management. Our semiconductor-based microinverter system converts energy at the individual solar module level and brings a systems-based, high technology approach to solar energy generation.
The proposed ticker symbol for the Nasdaq exchange is ENPH.
