Costa Mesa-based Energy & Power Solutions Inc., which helps companies cut energy costs and reduce emissions, has filed plans to raise up to $25 million in an initial public stock offering.
Energy & Power Solutions said it plans to use the money to expand its xChange Point software that companies use to find ways to save money on energy use.
The company’s initial filing doesn’t indicate which exchange Energy & Power Solutions hopes to trade on, or when the company might offer its shares.
Energy & Power Solutions has about 100 workers. It isn’t profitable.
The company lost $14.9 million in 2009, widened from a $9.7 million loss a year earlier. Sales were $12 million, down 31% from a year earlier.
Customers include Tyco Healthcare, now Covidien PLC, what’s now MillerCoors LLC and a “multinational soft drink company,” according to Energy & Power Solutions’ filing.
The company, which got its start in Irvine in 2002, likely is looking to take advantage of a resurgent market for initial public offerings.
Last year, Energy & Power Solutions raised $30 million in a second round of financing led by Denver’s Altira Group LLC.
In 2007, Energy & Power Solutions raised $20 million in a first round of funding led by NGEN Partners LLC of Palo Alto and Robeco Groep NV of the Netherlands.
The company’s venture capital investors are its dominant owners.
