A major US solar thermal technology company today announced that it decided not to pursue its initial public offering due to “adverse market conditions.”
Many in the renewable sector will be shocked by the news, as BrightSource Energy had high hopes after receiving major backing from Google, Siemens and NRG Energy as well as securing a $1.6 billion (£1bn) federal loan guarantee for its Ivanpah plant in the California desert. However, the company said they thought they could get better value at a later stage.
John Woolard, President and CEO of BrightSource Energy said: “As a company, we’ve consistently made decisions in the best interest of our shareholders, employees and customers, and we will continue to do so. Fortunately, we’re in a strong financial position and have the support of world-class investors and partners.”
BrightSource Energy develops solar thermal technology which produces steam for electric power, petroleum and industrial-process markets worldwide.