Dive Brief:

• Startup Opower lost $14.2 million last year, $12.3 million in 2012 and $21.3 million in 2011, because of the efficiency company's expansion drive, according to an initial public offering (IPO) filing with the Securities and Exchange Commission.
• Opower's revenue jumped from $28.7 million in 2011 to $88.7 million last year, with 90% coming from utility clients. Ten utilities make up 61% of all revenue.
• A smart thermostat partnership started several years ago with Honeywell has not provided a “significant return,” the filing said.

Dive Insight:

Opower plans to raise $100 million through its pending IPO to pay back initial investors and fund its expansion efforts. A successful IPO would be a huge boost for the company, but also for the clean technology sector in general.