As financial markets took a nosedive this week and the credit crunch worsens, numerous companies are looking to raise cash.
Ethanol maker VeraSun Energy Corporation (NYSE: VSE) is offering 20 million shares of its common stock. The company said it intends to use the proceeds for general corporate purposes. The stock set new 52-week lows after the announcement.
Capstone Turbine Corporation (NASDAQ: CPST) announced an offering of more than 21 million shares of common stock and warrants to purchase an additional 6,445,698 shares of common stock. Net proceeds are expected to be approximately $29.5 million, and the company intends to fund product development, corporate growth and other general corporate purposes.
Other companies announced significant venture capital investments.
The biggest was $140 million second round for SolarReserve, a developer of utility-scale solar power plants. The additional funds will enable the company to advance its development of more than 5,000 megawatts (MW) of utility scale power plants in locations around the world, the company said.
Another big headline belonged to Sapphire Energy, a company that makes crude oil from algae. The company secured an investment from Bill Gates’ Cascade Investment, LLC in its latest rond of funding, which brings total funding past the $100 million mark. Sapphire says its fuel, which is not biodiesel or ethanol, is compatible with current gasoline infrastructure.
PowerGenix, a company that makes rechargeable Nickel-Zinc (NiZn) batteries raised $30 million in series D financing. The technology, which is already used in power tools and light electric vehicles, offers an alternative to nickel-metal hydride batteries currently in use by hybrid vehicles, as well as lithium-ion batteries, which are in development for vehicle use.
In solar news, Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) and its German solar photovoltaic partner, Asola have signed a Memorandum of Understanding (MOU) to establish a joint venture manufacturing plant in South Korea, to enable production and distribution of solar modules in that country.
San Francisco-based Scaled Solar, Inc., a provider of High Concentrating Photovoltaic (HCPV) solar power solutions, announced it first major contracts to supply its technology for separate solar farms in the Bay Area.
And finally, SunPower Corporation (NASDAQ:SPWR) has applied to list Class B common stock
on the NASDAQ Global Select Market. The listing is to follow a spin-off
distribution of Class B shares owned by Cypress Semiconductor
Corporation (NSYE:CY) to its stockholders. Cypress Semiconductor is the
majority owner of SunPower.
Loading...