Following Tesla Motor’s (s TSLA) successful IPO last year, more hybrid and electric car tech makers are looking to land on the public markets. On Friday, electric motor maker Remy International filed for an IPO for up to $100 million. The company’s principal products are starters, alternators and hybrid and electric motors.
Remy sells its electric motors to companies like Mercedes, GM (s GM), Allison Transmission and electric car startup Aptera. The company also received a $60 million grant from the Department of Energy to further develop its electric motor technology. Remy calls itself the “leading non-OEM producer of hybrid electric motors in North America.”
For the year ending December 31 2010, Remy generated sales of $1.10 billion and net income of $21.19 million. That’s substantial growth from the year ending December 31 2009, when Remy generated sales of $910.74 million and net income of $14.06 million. Remy has been in business for more than a century and was a division of GM for 75 years, but was spun out in 1994.
Remy is one of the rare companies we’ve written about that’s shooting for an IPO and has a solid growing and profitable business. That’s because it’s not a risky, early-stage technology, like other IPO cadidates Amyris (s AMRS), Solyndra or even stand-alone EV maker Tesla. Starters, alternators and hybrid motors have been on the market for years.
The only early stage area of Remy’s business is electric motors for all-electric cars, like Aptera’s. Aptera has seemed to drop off the radar as it struggled to move into commercialization and bet on receiving a DOE loan. Remy says only 3 percent of its sales in 2010 were from hybrid electric motors. Remy also faced a recent issue with Italian auto parts maker Tecnomatic, which sued Remy, accusing it of stealing Tecnomatic’s tech to apply for the DOE grant.
Remy says it will use the proceeds of the funds from the potential IPO to pay off debt, and potentially acquire companies. Remy plans to list under the symbol RMYI.