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Dust settles on large Imperium and ADM deals
February 22, 2007 - Exclusive
By Dana Childs,
Cleantech Group
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Investors scrounged for loose change, finding $214M for Imperium, not $100M. And ADM raised $1.15B in debt, not $1B.
Updates on two big recently-announced deals headline this week's greentech dealflow.
Yet, as below, plenty of new deals went down... even though many industry investors were hobbing nobs at the Cleantech Forum in San Francisco.
Of interest: no new money flowed into solar that we saw.
This week in industry deals:
- As we reported yesterday (see Imperium Renewables lands $214 million), Imperium has raised about double what the company was reportedly seeking. “With this capital the company is ready to become a global leader,” said Ira Ehrenpreis of Technology Partners, lead investor in Imperium. How does the company plan to spend its money? Read Cleantech.com's in-depth interview with CEO Martin Tobias: What’s needed for a biodiesel boom.
- Agricultural and biofuel giant Archer Daniels Midland (ADM) priced the $1.150 billion in convertible notes it's raising, first reported last week. Due in 2014, the notes will pay interest semi-annually at a rate of 0.875 percent per year. ADM plans to use the proceeds to buy back $370 million of its common shares and use the balance for general working capital. In addition, approximately $299 million of the proceeds from the transactions will be used to fund convertible note hedge transactions that ADM expects to enter into with one or more of the initial purchasers of the notes and/or their affiliates. Remaining proceeds will be used for working capital, the company said.
- Clean Energy Systems, a Rancho Cordova, California–based provider of zero-emissions power plant technology, has raised $13 million in Series A funding from Paxton Corp. and Quadrise Canada Corp.
- Soil-amendment-from-restaurant-waste startup Converted Organics closed a tax-exempt New Jersey Economic Development Authority Solid Waste Revenue Bond deal in the amount of $17.5 million. The company is using digesters to convert food wastes to an all natural product in 72 hours. See Cleantech.com's Converted Organics goes public on promise.
- Ener1, an company developing lithium ion batteries for hybrid electric vehicles, raised $1.55M. The company raised $5.5 million in January of this year. ITOCHU Corporation, one of the largest companies in the world, is a leading investor in Ener1.
- BPL Global Ltd., a Pittsburgh, Pa.-based provider of “smart grid” technologies and broadband services over power-lines, has raised $26 million in Series C funding. Backers include Morgan Stanley, PA Early Stage, Al-Deera Holdings, International Financial Advisors, International Finance Co. and Kuwait Holding Company.
- DayStar Technologies, a developer of thin film solar products, closed on its previously-announced $5M round (see DayStar gets commitments for additional capital.) The company sold 2,500,000 shares of common stock at $2.00 per share. In connection with the closing, the company converted the principal and interest on an outstanding convertible note into 3,050,203 shares of common stock.
- Small Canadian company Alcar Chemicals terminated a letter of intent to be acquired by equally small but vocal U.S. Sustainable Energy Corp., as previously reported by Cleantech.com. Instead, the company is to be acquired by a South East Asia consortium called Siam Renewable Energy Group. The deal will reportedly provide the investment required to build the company's initial polyol plant in Canada, fulfill its existing $160 million contractual commitments and to implement a minimum of four full scale ethanol plants with a projected capacity of 1M gal per day each. Alcar has been working on cellulosic biomass conversion to ethanol for the past decade, it said.
- O2Diesel Corporation, an ethanol diesel blender, raised $10 million from Fusion Capital, a Chicago-based institutional investor. Proceeds are to be used to further the company's development of additional worldwide markets for its proprietary fuel O2Diesel, and help in the testing and launch of a new 28% renewable fuel which the company says it's currently testing with the U.S. military and a bus fleet in upstate Washington.
- Frontier Oil Corporation acquired Ethanol Management Company for cash consideration of approximately $3.1 million. EMC's primary assets are a 25,000 barrel-per-day (bpd) products terminal and blending facility located near Denver, Colorado. Frontier's Cheyenne Refinery has been a customer of EMC since 1989.
- @Ventures, the venture capital business of CMGI made an investment in H2Oil Recovery Services. The $3.0 million investment from @Ventures was part of a $4.7 million Series B round, and is to provide capital for H2Oil to expand its products and services into the natural gas industry. H2Oil recovers clean water and refinery-grade petroleum from oil industry waste products.
- Millennium Cell, a developer of hydrogen battery technology, completed a $6 million private placement The company expects the funds will help it bring its hydrogen batteries to military and commercial availability in 2008.
- Consolidated Biofuels of Chicago plans to acquire privately-held International Bio Fuels of Vancouver, WA. No terms have been announced. IBF says it has several active and development-stage fuel projects in the United States, Asia, and Africa.
- Landfill waste optimizing company Conporec of Quebec has concluded an 11.5M CDN private placement from Amsterdams Effectenkantoor B.V. ("AEK"). Conporec has a plant in Sorel-Tracy, Quebec and recently began start up of a second facility in New York State (United States). A third facility is currently under construction in France near Paris.
Seeking fame/fortune? Or at least publicity for your own deals? Contact us with tips.
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