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Two biofuel IPOs pending
April 26, 2007 - Exclusive
By Dana Childs,
Cleantech Group
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Fact: an ethanol startup has priced its IPO. Rumor: a potential biodiesel heavyweight may soon do the same.
Move over, solar.
Biofuels are shaping up to be the IPOs to watch this summer.
With word that fast-moving Imperium Rewewables is considering a public offering, and this week's pricing of BioFuel Energy, more are likely to follow suit.
This week in cleantech/greentech dealflow:
- BioFuel Energy of Denver priced its initial public offering at $16 to $18 a share, and is to be listed on Nasdaq as BIOF. The company intends to build a total of five ethanol plants, and has two under construction. BioFuel Energy filed a registration statement in December (see Cleantech.com's New biofuel and solar IPOs.) It intends to sell 9.5 million shares, and now expects net proceeds to be about $147 million (it originally filed to raise $300 million.) Shareholders include Greenlight Capital, Third Point Partners and Cargill Inc. Biofuel Energy initially plans to construct five large dry-mill ethanol plants on corn-belt sites where Cargill has a strong local presence and, in most cases, adjacent to grain storage facilities owned by or affiliated with them.
- Imperium Renewables, a Seattle-based biodeisel producer, is planning to file for an IPO later this year, according to a variety of industry reports this week. The $200 million-$300 million offering would value the company at over $1 billion. Imperium is run by former venture capitalist Martin Tobias, and has raised funding from such firms as Nth Power, Technology Partners, Vulcan Capital, BlackRock Investment Management, Capricorn Management and Silver Point Capital
- A day after its IPO, Ocean Power Technologies is trading at $17.75 on the NASDAQ, down more than $2 from its $20 pricing. Ocean Power Technologies develos systems that generate electricity by harnessing the energy of ocean waves, and is one of many companies working to commercialize the process. See Cleantech.com's article earlier this week, Ocean Power Technologies prices U.S. IPO.
- LanzaTech, a New Zealand company using bacterial fermentation to convert carbon monoxide into ethanol, secured $3.5M USD in Series A funding, led by Khosla Ventures and supported by two existing New Zealand based investors. Funding is to support further technology development, establishing a pilot plant, engineering work to prepare for commercial-scale ethanol production and positions the company to raise significant capital in the near future. See Cleantech.com's LanzaTech ethanol from carbon gets funding.
- Solar startup Octillion completed a $500,000 private placement. The company sold 1,000,000 units, with each unit consisting of one common share and three share purchase warrants. The company is working on integrating silicon nanoparticles onto glass surfaces to convert solar energy coming through home and office windows into electricity. Proceeds are to be used for working capital and general corporate purposes.
- Lamina, a Westhampton, N.J.-based LED developer, has raised $7 million in Series D funding. Easton Capital led the deal, and was joined by return backers Morgenthaler Ventures, Granite Global Ventures, RedShift Ventures and CID Equity Capital also participated. Lamina has raised around $47.5 million in total VC funding since 2001.
- Russia's Technopromexport, a state-controlled power engineering construction company, intends to sell 25% of its stock and raise about $600 million in a share offering sometime in the next year or so. Technopromexport builds power facilities, including hydraulic, thermal, geothermal and other power infrastructure in 50 countries. By late 2007, the government is to issue a relevant resolution and value the company's worth, the Russian news agency Novosti reported.
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