Solar City Plans To Go Public

Solar panel firm plans to go public.

Solar power is going green, as in an initial public offering.

San Mateo-based Solar City, a company which develops rooftop solar power systems and is led by a founder of electric car company Tesla, is poised to go public, the San Jose Mercury News reported.

On Monday, the company announced it had made an initial filing with the Security and Exchange Commission last week, the first step towards selling shares, the newspaper reported.

Elon Musk, CEO of Tesla, is Solar City's chairman. He made a pile of money on PayPal, and also founded a space exploration company called SpaceX.

SolarCity's backing capital has come from the likes of Mayfield Fund and Draper Fisher Jurvetson based in Menlo Park. Former Vice President Al Gore's investment fund also has a stake in the firm.

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