Earth2Tech's 10 Greentech IPO Picks

Yep, there’s 19 green IPOs on deck this year, according to Bloomberg. But there’s also a bunch of greentech firms that haven’t filed but have been rumored to be eying the public markets for quite some time.

Mostly these are companies that have been gaining traction in an industry that has recently seen increased competition and demand. Take the smart grid market — Silver Spring Networks needs to raise money to compete with the likes of giants like Cisco (s CSCO) that have moved in, as the federal stimulus funds have kick-started demand for utility smart grid infrastructure investment. The big lighting companies — General Electric (s GE), Panasonic (s PC), Toshiba (s TOSBF), Philips (s PHG) — are finally starting to take LEDs seriously, and companies like BridgeLux and Lemnis Lighting need to raise money to compete. Here’s our 10 picks (OK, speculation) for which greentech startups could be next to file this year in the U.S.:

Company What It Sells Financials Indication of IPO
Silver Spring Networks Sell wireless networking systems to utilities for smart grid. Was shooting for profitability in Q3 2009, and $200 million in revenues by 2010. The worst kept secret in greentech news. Has been picking bankers.
Zipcar Provides car-sharing service and a fleet management system Expected to reach profitability in 2010. CEO has discussed IPO as a goal since early 2008 and gave Bloomberg the impression last summer that Zipcar hoped to go public in 2010.
Lemnis Lighting Sells LED lighting. The CEO recently said the company made $50 million in sales in 2009. CEO has said an IPO is one opportunity for the company.
BrightSource Builds solar thermal projects to sell power to utilities. Won a $1.37 billion DOE loan guarantee and over $115 million in VC funding. BrightSource needs to raise more money for its project plans and has the chops and industry support to IPO.
BridgeLux Sells LED lighting technology. Raised $80 million in Series D round in January. Hired a CFO last year, CEO says they are looking at an IPO.
Amyris Technologies Develops synthetic organisms to make chemicals and biofuels. Has raised $244 million to date. Rumor at this point, but makes sense.
Smith Electric Vehicles Electric trucks and vans for commercial fleets. Won a $10 million DOE battery grant last summer, added $22 million under the same program in March. CEO says Smith is on track to become sustainable without subsidies by January 2011. CEO told us last month that the company’s looking to go public “sooner rather than later” to help fund a major expansion.
Boston-Power Lithium-ion batteries for laptops and plug-in vehicles. Has raised at least $125 million since 2005. Reportedly was preparing for an IPO last year. CEO says the company will keep the option open.
PowerGenix Nickel-zinc batteries for electronics, power tools, scooters and hybrid vehicles. Has raised nearly $61 million. CEO has said PowerGenix could be ready for an IPO as soon as 2010. Decided to “abandon” request for DOE funds in favor of a less capital intensive path to expansion.
GM (OK not a startup) Cars and trucks. Has lost $88 billion since 2005, $4.3 billion since leaving bankruptcy in July. Received $50 billion of government financing to restructure. CFO says GM is “getting close to breakeven,” and could reach profitability in 2010 “at least at the operating level.”

Photo courtesy of Flickr user AMagill

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