SolarReserve to build $5 billion thermal solar project in Nevada, Snapchat picks Morgan Stanley and Goldman Sachs for IPO, Pluto TV Raises $30 million, and more.

SolarReserve to Build $5B Thermal Solar Project in Nevada

SolarReserve announced on Tuesday that it would build ten solar thermal plants on a Nye County site about 225 miles northwest of Las Vegas for $5 billion, reports the L.A. Business Journal. The solar power plants would address electricity needs of the California energy market and would generate about 7 million megawatt hours per year.

Snapchat Picks Morgan Stanley and Goldman Sachs for IPO

Snapchat has picked Morgan Stanley and Goldman Sachs as its bankers for its rumored initial public offering in March, according to sources reported by Bloomberg. Because the company’s revenue is less than $1 billion, it qualifies to file IPO documents confidentially with the Securities and Exchange Commission.

Rumors of Nasty Gal Sale or Cram Down Round

After prior reports of a possible sale, Nasy Gal, an online fashion and consignment store, is rumored to on the verge of a cram down round, reports PandoDaily. Cram down rounds are financing rounds that include terms that may severely dilute nonparticipating investors.

Pluto TV Raises $30M

Online streaming service Pluto TV has raised a $30 million Series B round led German media company ProSiebenSat.1, reports Variety. As part of the investment, Pluto TV acquired Quazer, a Berlin-based internet video startup focused on non-fiction programming serving German-speaking markets, from ProSiebenSat.1.

Hyperloop One Aims for First Track to Carry Cargo

Hyperloop One is likely to carry cargo instead of people, on its first track, reports TechCrunch. The news comes as the startup as joined United Arab Emirates accelerator Dubai Future Accelerators.

Technology reporter Garrett Reim can be reached at greim@labusinessjournal.com. Follow @garrettreim on Twitter for the latest in L.A. tech news.

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