Tuesday, May 17, 2011

RayTracker Acquisition Worth $44.8M, Says Report

A report today from Greentech Media says that Pasadena-based Idealab's sale of portfolio firm RayTracker was worth $44.8M. Idealab, Quercus Trust, and Phoenix Fire had invested $3.5M in funding in RayTracker a developer of solar tracking technology. RayTracker was also based in Pasadena, but was acquired in January by solar panel firm First Solar. RayTracker was a spinout of Idealab's Energy Innovations. The disclosure of the sale price came at a solar power conference, from the firm's former founder, who said the investors scored a multiple of 12.8 on their investment.