Active Network Teed Up for IPO This Week, InterDigital Opens Local Lab, Aptera Ready to Move Production Out of California, & More San Diego BizTech News
The big news this week, if it happens, will be the Active Network’s IPO. But we’ve also rounded up all the other important developments from San Diego’s tech community, and our briefing begins now.
—The San Diego-based Active Network could have a market valuation that is close to $1 billion if its IPO takes place this week as expected, according to Renaissance Capital, a Greenwich, CT-based investment banking firm that tracks IPO activity. The Active Network is seeking to sell about 8.2 million shares, and could raise about $127 million (after fees) at $17 a share, which is the mid-point of the price range set two weeks ago. With almost 53 million shares outstanding, that would set the company’s market cap at over $900 million. Shares of the Active Network, which provides online registration services for recreational sports and other activities, will trade on the New York Stock Exchange under the symbol ACTV.
—King of Prussia, PA-based InterDigital (NASDAQ: IDCC), which develops innovations in wireless technologies, has opened an R&D center in San Diego. The new facility, which has about 12 employees, is focused on advances that improve the capacity of wireless networks. InterDigital holds about 1,300 U.S. patents and about 7,500 non-U.S. patents related to technologies that enable wireless communications.
—Aptera Motors, which has been developing a three-wheel hybrid electric and electric vehicle, says it is moving its headquarters from Oceanside, CA to Carlsbad, CA as part of a strategic update over the coming six months. In its newsletter to prospective customers, Aptera says the company also “has been exploring the impact of consolidating our production facility plans, from two lower volume plants (one in North San Diego County and one proposed elsewhere in the U.S.), into one higher volume facility outside of California.”
—Privately held General Atomics, a diversified industrial technology conglomerate and defense contractor in San Diego, said it has delivered the first set of its innovative Electromagnetic Aircraft Launch System (EMALS) to the U.S. Navy for installation aboard the new aircraft carrier Gerald R. Ford. The ship, which is under construction by Huntington Ingalls Industries in Newport News, VA, will be the first to use electromagnetic systems to launch and recover aircraft.
—Almost four weeks after a massive security breach at its San Diego data center, Japan’s Sony Corp. says it has begun restoring service for its PlayStation and Qriocity networks in North America, Europe, the Middle East, Australia, and New Zealand. Sony said confidential information for roughly 100 million customer accounts was compromised in a hacker attack that was discovered April 19.
—San Diego Gas & Electric said it added two more 25-year contracts with French-based Soitec that will supply a total of 125 megawatts from solar energy sites using Soitec’s Concentrix CPV (Concentrating Photo-Voltaic) solar panel modules. The two deals follow three previous contracts for 30 megawatts of CPV-generated solar power, with all five projects to be developed near SDG&E substations in San Diego County.
—San Diego’s Chumby Industries has raised half of a planned $3 million financing round, according to a regulatory filing last week. The company makes a compact device that can act like a clock radio, but which also uses a wireless Internet connection to fetch information from the Web, whether it’s music, box score, or animations.