CleanTech OC Daily - 12/13/12

Thursday, December 13, 2012

Enevate Raises $24M
Irvine-based startup Enevate, which makes rechargeable lithium-ion batteries, has raised $24 million in its second financing round from new and existing investors. The funding will be used to drive commercialization and production for its customers latest product lines. Founded in 2005 as Carbon Micro Battery Corp, Enevate is closely following Broadcom’s business model.

SolarCity soars in morning trading
SolarCity’s IPO has been all over the green media in recent days and weeks. This morning, SolarCity started trading at $9.25 and rose over 40% at one point to $11.20. Initially, the company priced its IPO at $8 per share and had recently reduced the price from an estimated range of $13 to $15 per share. The trading action is good news for investors, including co-founder Elon Musk, Draper Fisher Jurvetson and DBL Investors. Check out a related GigaOM Pro story about “Why SolarCity pricing low is a godsend for all of cleantech.”

Straight from the Twitter feed of Elon Musk, Tesla Motors made its first profit last month. On December 3, Musk tweeted the following: “Am happy to report that Tesla was narrowly cash flow positive last week. Continued improvement expected through year end.” Musk actually tweets some interesting and candid tidbits – you can follow him: @elonmusk (while you’re there, follow @CleanTechOC too!)

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