Company relies on finance chief to take it public

March 27, 2009
Business News - Local News

Friday, March 20, 2009

Company relies on finance chief to take it public

Pacific Business News (Honolulu)

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Tim Wong –CFO and Vice President of Finance, Sopogy Inc.

Despite the unfavorable economy, Tim Wong is confident his Honolulu-based solar energy company can go public next year.

As CFO for Sopogy Inc. the past two years, Wong has been implementing financial reporting standards to help ready the company for an initial public offering.

Sopogy — the name combines the words solar, power and technology — was launched in 2007 after five years of research and development. It has a fall 2010 target date to go public.

“We’re a startup, but we’re implementing processes as if we’re a public company,” said Wong, 44. “We’re in a good position where we’ve grown the financial and monthly reporting to a point that we can take the next step.”

Wong has been a big contributor in securing financing for the company, which designs, engineers, and manufacturers a new kind of solar concentrator.

The technology, resembling large silver troughs, uses mirrors and lenses to concentrate the sun’s rays on fluids, creating steam that turns turbines to generate electricity.

“From day one, Tim was instrumental in the company’s capital formation, helping secure $15 million in company equity, $7 million in debt financing and $45 million in bond financing,” said Sopogy President and CEO Darren Kimura.

Sopogy has a couple thousand of its collectors—called the SopoNova 4.0—in use worldwide, including on the West Coast and in Asia and the Middle East. It has secured and is fulfilling more than $1.3 billion worth of sales.

“The financial market is challenging right now, but renewable energy is not being hit as hard as other sectors,” Wong said. “There’s a lot of cash that people are hanging onto and not investing, so if the timing is right and our company has solid financial statements and product, the investors will be there.”

Wong joined Sopogy after serving as a securities administrator for Hawaiian Electric Co. and assistant vice president at Central Pacific Bank, both public companies.

He double-majored in accounting and management information systems at the University of Hawaii at Manoa.

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