Thursday, May 06, 2010

Green IPO Watch at Reports on China based, Nobao Renewable Energy Holdings Limited $300 Million IPO

Green IPO Watch at Reports on China based, Nobao Renewable Energy Holdings Limited $300 Million IPO

POINT ROBERTS, WA, Delta BC – May 6, 2010 -, a leading investor news and research portal for the renewable energy sector within, reports on the April 28th IPO filing and May 4th amendment for China based Nobao Renewable Energy Holdings Limited . The company’s primary business is energy management solutions for buildings.

Underwriters include Morgan Stanley, UBS Investment Bank and Citi for the $300 Million IPO. The company has applied for trading on the NYSE with trading symbol “NRE”.

SEC Filing:

From the filing :

Our Business
We are a leading provider of fully-integrated clean energy management solutions in China utilizing ground source heat pump, or GSHP, technologies. We offer integrated energy management solutions for buildings primarily through energy management contracts, or EMCs, by designing, manufacturing and installing GSHP heating, ventilation, air conditioning and hot water supply systems, or GSHP systems, as well as providing post-installation maintenance services typically over 10 to 20 years. We believe our fully-integrated solutions typically can save 50% to 70% of energy consumption compared to conventional fuel- and electricity-based heating, ventilation, air conditioning and hot water systems, based on data from three EMC projects installed by us and which have been in operation for over a year.

Our GSHP solutions utilize renewable energy stored beneath the earth’s surface, thereby significantly reducing energy consumption and greenhouse gas emissions as compared to conventional fuel- and electricity-based heating, ventilation and air conditioning systems, or HVAC systems. Our systems are based on our proprietary control software and system architecture which we believe differentiate our solutions from those offered by our competitors. As a result, we are able to replace the conventional HVAC systems in a wide variety of existing buildings without causing business interruptions, allowing us to become an early mover to address China’s substantial building retrofit market, which we believe many of our competitors are unable to address.
Under the EMC model, we provide upfront design, procurement, manufacturing and installation of the GSHP systems and long-term maintenance services to our customers. Our customers pay for our solutions in the form of fixed or variable monthly fees, or the energy management fees, over the period of the contract, which is typically lower than their actual or projected energy costs for operating conventional HVAC systems. We are responsible for all costs incurred in connection with the design, procurement, manufacturing and installation of the GSHP systems. We are also typically responsible for all or substantially all of the electricity costs for operating the GSHP systems as well as maintenance costs over the contract period after the completion of installation. We believe our EMC model is highly appealing to our customers as it allows customers to pay for the GSHP systems over the contract term and eliminates the initial procurement cost for the GSHP systems. In addition, the EMC model provides us with long-term recurring cash flows over the contract period. We also derive revenues from the design, sales and installation of GSHP systems without post-installation maintenance services, which we refer to as the engineering, procurement and construction model, or the EPC model.

We commenced operations in June 2007, initially using GSHP modules sourced from a European manufacturer. In the fourth quarter of 2009, we began manufacturing our own modules in our facilities located in Gongqing City, Jiangxi Province, or the Jiangxi facility. We design our modules to address the specific needs of the Chinese market. We believe we are well positioned to offer our customers greater functionality in a cost-effective manner using our own modules.

As of March 31, 2010, we had entered into 16 EMCs, covering gross floor areas, or GFAs, of 964,501 square meters. Our cumulative installed GFAs as of March 31, 2010, representing the GFAs of buildings where we had completed installation work and prorated GFAs of partially installed buildings, were 410,278 square meters.

We have experienced significant growth in our business since we commenced operations. Our total revenues increased from RMB3.8 million for the year ended December 31, 2007 to RMB39.7 million for the year ended December 31, 2008 and to RMB165.2 million (US$24.2 million) for the year ended December 31, 2009. Our total revenues for the quarter ended March 31, 2010 were RMB69.0 million (US$10.1 million), compared to total

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