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Orion Energy Systems plans IPO
Published August 20, 2007 - BizTimes Daily
Orion Energy Systems Inc. of Plymouth has filed with the U.S. Securities & Exchange Commission to become a publicly traded company.
The company is proposing a $100 million stock offering and plans to trade under the ticker symbol "OESX" on the Nasdaq Stock Exchange.
In the SEC filing, Orion lists Thomas Weisel Partners, Canaccord Adams, and Pacific Growth Equities as the underwriters of its initial public offering (IPO).
Orion designs and manufactures energy management systems consisting primarily of high-performance, energy-efficient lighting systems, controls and related services. The company delivers energy savings and efficiency gains to commercial and industrial customers.
The company's core product is its high-intensity fluorescent lighting system with a goal to cut electricity costs by approximately 50 percent while increasing the quantity of light by approximately 50 p[ercent.
Orion said in the filing that it has sold and installed high-performance HIF lighting systems in more than 1,800 facilities across North America, including 73 Fortune 500 such as General Electric, Kraft Foods, Newell Rubbermaid, OfficeMax, SYSCO, and Toyota Motor Corp.
Orion said its annual revenue has increased nearly four-fold from $12.4 million in fiscal 2004 to $48.2 million in fiscal 2007.
Neal Verfuerth, chief executive officer of Orion, was a 2005 winner of the SBT Bravo! Entrepreneur Award.
