Billionaire Chamath Palihapitiya announced on January 19 that he’s working on private funding for a climate investment. He shared the news on Twitter and followed up with specifics in another tweet on January 25th.
He said that his firm “powers a lot of progress in an area that is very important to me and they partner with some great companies to do it.” The investment will be a PIPE, or private investment in a public entity. In this scheme, an investor can buy shares of publicly traded stock at a price lower than the market value.
He said on Twitter, “My latest climate investment: $SPRQ Excited to partner with Apollo and @plaffont to lead the PIPE in Sunlight who is a leader in the residential solar boom. 2023E GMV $4.27B 2023E EBITDA margins of 56% EV today is $1.26B Buying at: 0.29x 2023E GMV 11x 2023E EBITDA
My latest climate investment: $SPRQ
Excited to partner with Apollo and @plaffont to lead the PIPE in Sunlight who is a leader in the residential solar boom.
2023E GMV $4.27B
2023E EBITDA margins of 56%
EV today is $1.26B
0.29x 2023E GMV
11x 2023E EBITDA pic.twitter.com/mj17rS3Dgf
— Chamath Palihapitiya (@chamath) January 25, 2021
Palihapitiya is the CEO of Social Capital, a part-owner of the Warriors, and the Chairman of Virgin Galactic. He tweeted ahead of the announcement the seven areas of climate change investment he’s been focusing on. Those areas include recycling, electrification, grid-level storage, batteries, materials and mining, resiliency, and project finance lending for the areas.
Source: Invest in Yourself/YouTube
Palihapitiya has also advocated for other social issues in the past, such as housing inequality and the need for subsidized housing for lower-income families.
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