REV Renewables, which develops, acquires, and operates energy storage and renewables generation assets, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
REV Renewables states that it is a leader in the development, acquisition, ownership, and operation of energy storage and renewables generation assets in the US. The company owns approximately 2.4 GW of energy storage and renewable power generation assets located across the country, including 290 MW/725 MWh of battery storage assets, 1,642 MW of pumped storage hydro power assets, 365 MWac of solar assets, and a 132 MW wind farm. REV states that its battery storage and pumped storage hydro portfolio is the largest deregulated energy storage portfolio in the US.
The New York, NY-based company traces its roots to 1990 and booked $172 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol RVR. REV Renewables filed confidentially on November 12, 2021. Morgan Stanley, Goldman Sachs, RBC Capital Markets, BofA Securities, Citi, BMO Capital Markets, Evercore ISI, Wolfe Research Securities, and Nomura Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
