The Firm Taking On Elon Musk's Rooftop Solar Empire Is Going Public
Vivint Inc.'s market debut could come as soon as this fall, depending on market conditions, Reuters said. Vivint Inc. is currently owned by PE group Blackstone.
Vivint trails only SolarCity in U.S. panel installation volumes, according to the GTM Research U.S. PV Leaderboard, though at 9% of market share remains well behind SolarCity's 29%.
Vivint Inc. also owns a home security business. The solar and security units combined employ 2,200 people. Blackstone paid $2 billion for Vivint in 2012.
Shares in SolarCity were little changed on the report, which was published before noon Tuesday.
Based in Provo, Utah, Vivint Solar was launched in 2011. In a recent interview with BI's Jay Yarow, Vivint Solar CEO Todd Pedersen argued his firm had taken just two years to attain a size that it took where SolarCity 8 years to reach. "They'll probably be big, we'll just be bigger, is the bottom line," he said.