Tesla rumoured to be seeking IPO

US electric car firm Tesla is reportedly planning to make a public offering in the coming months, in a move that would further boost the profile of the headline-grabbing sports car manufacturer

According to Reuters reports citing two anonymous sources, the firm is looking to bolster its expansion warchest through an initial public offering (IPO). The company refused to comment on the reports, although chairman Elon Musk said early last year that an IPO was a possibility in either late 2008 or 2009.

Any IPO would be likely to enjoy considerable interest and would provide Tesla with fresh funding to finance its aggressive expansion drive ahead of the expected 2011 launch of its first electric sedan, the Model S.

The company has already enjoyed an impressive 2009, drawing a line under the financial problems its experienced late last year and following a $40m funding round with an additional $82.5m investment round in September.

In June, Tesla was approved for a $465m loan from the US Department of Energy, which is expected to cover the cost of a new manufacturing facility for the Model S, while the company has also attracted investment from Daimler as part of a deal to provide the auto giant with new battery technology.

In addition, the company reported over the summer that it had moved into profitability for the first time, while also opening a host of new showrooms across the US and Europe.

If it went ahead the Tesla move would be the most recent in a series of IPOs that are widely regarded as evidence of the impressive recovery being enjoyed by the global clean tech sector.

Last week, Chinese thin film solar company Trony Solar Holdings said it had upgraded expectations for its planned $200m New York Stock Exchange IPO, signalling that it now expects to raise up to $241.5m.

Meanwhile, in recent months US solar components firm STR Holdings has raised $172m with its IPO last month, green investment company Impax Asian Environmental Markets raised $104m, and A123 Systems, which develops batteries for electric cars and plug-in hybrids went public, raised $391m.