Friday, August 1, 2008

Solar tech firm STR aims at $300M IPO

By Mass High Tech Staff

STR Holdings Inc., an Enfield, Conn.-based maker of solar power module encapsulant, has filed for a $300 million initial public offering with the U.S. Securities and Exchange Commission. While pricing and timing of the offering have not been set, the company expects to trade on the New York Stock Exchange under ticker symbol PVS.

STR’s main business involves the manufacturing of solar power module encapsulant products, which are extruded sheets of film used to hold solar modules together and protect the semiconductor circuit of a solar panel in both crystalline and thin-film solar modules. According to STR’s filing, the company claims a 30 percent market share in the space in 2007, with customers including BP Solar, First Solar Inc., Solarwatt AG, SunPower Corp. and United Solar Ovonic LLC.

In 2007, the company sold product equivalent to approximately 1,065 megawatts worldwide, with a little more than half produced at its three facilities in the U.S, and the balance produced at STR’s facility in Spain.

From the period starting June 14, 2007 (when the company consolidated its operations) to December 31 2007, STR reported $109 million in sales, and a net income of $4.1 million.

STR filed its federal documents for the execution of the IPO on the same day as Newton-based First Wind Holdings Inc., and just a week after Merrimack, N.H.-based solar manufacturing equipment maker GT Solar International Inc. executed its own offering, raising $500 million.