The big story of the week was the IPO of electric car maker Tesla Motors (Nasdaq: TSLA) on Tuesday. The company raised $226 million by selling 13.3 million shares at a price of $17 each, which was higher than the expected range of $14 to $16. Trading started at $19 per share and dipped briefly before shooting upwards to end the day at $23.89. The price rose to over $30 dollars on Wednesday before sinking back to around $20 per share on Thursday. The launch was a further success for the company from a publicity standpoint, but investors will be watching to see if the selling price holds. Lithium-ion battery maker A123 Systems (Nasdaq: AONE) was the last high-profile cleantech company to go public in the U.S. It too, started strong out of the gates last September before steadily declining to less than half of its initial trading price today. Tesla Motors is the first car company to go public since Ford (NYSE: F) in 1956; however CEO Elon Musk says his company is more akin to Silicon Valley firms like Apple (NYSE: APPL) than it is to Detroit automakers.
Raser Technologies (NYSE: RZ), a company best known for its geothermal power developments in the western U.S., signed a memorandum of understanding (MOU) with global manufacturing giant Hyundai Heavy Industries. The companies intend to work together in two areas. One will be the commercial production of electric trucks using Raser’s electric drive technology. The other will be the development of so-called "blended" renewable energy projects that will add Hyundai Heavy’s wind and solar equipment to sites where Raser is developing baseload geothermal power. The arrangement could be a huge boost for Raser, which has promising technology and a large portfolio of land leases, but has struggled with financing its operations over the last couple years. Hyundai Heavy has deep pockets and is eager to increase its participation in the cleantech industry. If the initial projects are successful, the two companies said they plan to explore a broader business
relationship.
GE‘s (NYSE: GE) lighting unit has signed a broad licensing agreement for the use of LED patents held by Rambus Inc. (Nasdaq: RMBS). GE said it expects the deal will accelerate
product development, and the company will initially focus on producing a flat-panel
LED lighting system for architectural and commercial lighting markets. This spring, GE, Philips (NYSE: POM) and Toshiba (6502.T) all unveiled their first LED lightbulbs designed to replace standard-sized 40- and 60-watt incandescent bulbs. According to the International Energy Agency, approximately 19%
of electricity consumed globally is used for lighting, but the commercialization of LEDs is expected to reduce that figure significantly.
Duke Energy (NYSE: DUK) signed an agreement with Cisco Systems (Nasdaq: CSCO) to use the company’s new home energy management
solution in smart grid pilot projects in Charllote, N.C. and Cincinnati, Ohio. Cisco’s system, which it unveiled separately this week, features a countertop display that gives consumers insight into their energy usage. The home-based units tie in with Cisco’s Energy Management Services platform that allows utilities to integrate consumer data with back-end applications. Duke Energy and Cisco said they also will work together to encourage manufacturers to make home appliances and electric vehicles that connect with the home energy management system.
In other smart grid news, AT&T (NYSE: T) announced an agreement with Current Group to combine
smart grid offerings for utilities in the U.S. Current’s technology helps utilities increase grid efficiency and system capacity by managing
demand and reducing power delivery losses. AT&T will combine Current’s system with its suite of machine-to-machine pricing plans designed specifically for the
smart grid communications. AT&T said the combination will allow utilities to transition to a smart grid model without relying on smart meters.
While more utilities are turning to wireless carriers like AT&T and Verizon (NYSE: VZ) to provide infrastructure for smart grid communications, a Florida-based start-up, called SpectrumBridge, is deploying the first smart grid wireless network utilizing white spaces in the TV spectrum. The pilot project is in partnership with Google (NASDAQ: GOOG) and the rural electric cooperative in Plumas-Sierra County, California, where the system is being tested. TV white spaces are unused broadcast channels made available by the
recent transition from analog to digital TV. The electric cooperative will use the trial network for broadband connectivity with remote substations and switching gear, and consumers will be able to monitor their home energy use online with Google’s PowerMeter application.
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