Opower has submitted a confidential filing for an initial public offering, according to a Feb. 12 article by the Wall Street Journal that cites unnamed sources.
Speculation has been circulating for months that the behavioral energy efficiency firm has plans to go public.
Opower has retained Morgan Stanley and Goldman Sachs Group to lead the IPO underwriting, says the WSJ. The article reported no estimate on Opower’s valuation or share values.
The article also said that Opower’s IPO relies on the 2012 Jumpstart Our Business Startups Act that eases financial disclosure rules for companies with under $1 billion in revenue the previous fiscal year.
The Arlington, Va. company typically works with utilities to create energy efficiency and demand response programs that use behavioral prompts to encourage energy savings. It is perhaps best known for its success in getting homeowners to save energy after seeing how their usage compares to that of neighbors. The company has recently been increasing its presence in the small to medium business market, as well.
Opower has expanded rapidly since partnering with the first utility in 2007. It now reaches 22 million households and serves more than 90 utilities. The company has 400 employees.