FlexEnergy Green Solutions, which makes turbine systems and heat exchangers, filed on Thursday with the SEC to raise up to $41 million in an initial public offering.
FlexEnergy designs, manufactures, sells, and leases cost-effective energy solutions meant to lower customers' environmental footprints. The company offers two types of highly engineered products: Flex Turbines, which offer a reliable source for distributed or grid connected electrical power that are capable of being fired by a wide variety of gaseous fuels, and Flex Heat Recovery, heat recovery products that it believes are integral to emerging power technologies such as high efficiency fuel cells for power generation. The company currently generates most of its revenue from the leasing and sale of Flex Turbines. Its Flex Heat Recovery products are in the early stages of commercialization.
The Portsmouth, NH-based company was founded in 2000 and booked $21 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol FLXE. FlexEnergy Green Solutions filed confidentially on June 7, 2021. Roth Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
