Third Point, RockPort, Madrone, Kleiner, Others To Benefit From Enphase IPO

Enphase Energy joined the list of top cleantech companies testing the IPO waters this year by filing for an IPO on Wednesday

The company said in a S-1 registration statement submitted to the Securities and Exchange Commission that it plans to raise $100 million.

A successful offering will benefit six venture investors with substantial stakes in the firm, including Third Point LLC, RockPort Capital Partners, Madrone Partners, Kleiner Perkins Caufield & Byers, Applied Ventures and Bay Partners.

Enphase raised $86.13 million since it was founded in 2006, according to Thomson Reuters, publisher of this blog.

The company is the leader in the solar panel microinverter market. Its products revolutionized solar installation by attaching directly to a solar panel and working more efficiently than older inverters that sit in a central location to by used a string of panels.

The Petaluma, Calif., manufacturer claims this arrangement increases energy production and simplifies system design. Microinverters convert the DC, or direct current, from a solar panel to the AC, or alternating current, delivered to homes and buildings.

Enphase posted 2010 revenue of $62 million, up from $20 million in 2009. This year’s first quarter saw revenue of $18 million, suggesting an annual total of $72 million.

Losses last year were $22 million and $9 million in the first quarter.

The company’s major shareholders are Third Point, which owns 19.1% of the company; RockPort Capital Partners, which owns 18.1%; and Madrone Partners, which owns 14.8%.

Kleiner Perkins Caufield & Byers owns 7.7% and while Applied Ventures owns 6.3% and Bay Partners own 5.5%.

Along with Enphase, cleantech leaders BrightSource Energy, Solazyme and Amyris have recently waded into the IPO waters. The reception for both Amyris and Solazyme, the two that have priced their shares, has been mostly positive.