FlexEnergy Green Solutions, which makes turbine systems and heat exchangers, withdrew its plans for an initial public offering on Wednesday.
The company originally filed and set terms in October 2021, but later cut its deal size by 43% and added warrants in January 2022. FlexEnergy had most recently planned to raise $20 million by offering 2.2 million units at a price range of $8 to $10, with each unit containing one share of common stock and one warrant, exercisable at 110% of the offer price ($9.90 at the midpoint). Because the company had planned to offer warrants, FlexEnergy Green Solutions will be excluded from Renaissance Capital's stats.
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 $22 million in sales for the 12 months ended September 30, 2021. It had planned to list on the Nasdaq under the symbol FLXE. Roth Capital was set to be the sole bookrunner on the deal.
