SK-backed Renewable energy platformREV filed for IPO

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.

It plans to list on the Nasdaq under the symbol RVR. 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.

Renewable energy platform REV Renewables is formed last year by energy infrastructure investor LS Power.

The company is dedicated to meeting a critical challenge of the energy transition: decarbonizing electricity while maintaining affordability, reliability, and resilience.

The company states that it is a leader in the development, acquisition, ownership, and operation of energy storage and renewables generation assets in the US. According to the prospectus, its battery storage and pumped storage hydro portfolio is the largest deregulated energy storage portfolio in the United States.

It owns approximately 2.4 GW of energy storage and renewable power generation assets located throughout the United States, 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.

In addition to the operating assets, Rev also has a large portfolio of battery storage and renewable generation projects in various stages of development.

In October, SK E&S Co Ltd, part of South Korean industrial conglomerate SK Group, agreed to invest up to USD 400 million (EUR 350m) in it. The initial USD-300-million investment closed in December.

Decarbonization of the electric grid creates a significant market opportunity forRenewable energy company.

According to the Princeton Net Zero Report, up to 700 GW of additional renewables and storage capacity will be required in the United States by 2030, implying a 15-20% compound annual growth rate over that time period.

The company is formed in October 2021, the predecessor historical financial statements could be reflected by Rev LLC, according to the prospectus.

Rev LLC generated revenue of $4.67 million and $7.45 million in fiscal year 2020 and fiscal year 2019, respectively.

Revenue increases43.7% to 11.35 million to the nine months ended September 30, 2021 from the same period in 2020.