Imperium Renewables slashes staff in more signs of trouble at biodiesel giant

In Washington state, Imperium Renewables has slashed its workforce in a cost-cutting move. The biodiesel maker did not make more details available about job losses, but said that operations at its 100 Mgy plant in Grays Harbor were not affected.

Just before Christmas, Martin Tobias resigned as CEO of Imperium Renewables, the owner of the world’s largest operating biodiesel facility, the 100 Mgy plant at Grays Harbor, WA. The company did not discuss reasons for Tobias’ sudden departure, but sources have indicated that upcoming 4th quarter financial results were poor.
Imperium closed a $113 million venture capital round in 2007 as well as securing a $100 million bank debt financing, but had not closed a planned $345 million IPO. Imperium is backed by Paul Allen, co-founder of Microsoft, where Tobias formerly was employed before joining Imperium. Imperium founder John Plaza was named interim CEO and director Nancy Floyd was named chairman.
Imperium Renewables has canceled its planned IPO due to “unfavorable market conditions.” The company had planned a $345 million IPO in May that would have financed the construction of three new biodiesel plants, including a $90 million project with Hawaiian Electric.

Imperium had been instrumental not only in developing its own strategy, but had provided initial funding for Propel Biofuels in the form of a loan. Propel announced a goal in April of installing its biodiesel fuel equipment at 20 stations in Washington, Oregon and California. Currently, the company has eight sites in Washington state in the permitting stage.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

More troubles at Imperium with Hawaii contract in the balance

In Washington state, trouble at Imperium Renewables worsened as the nation's largest biodiesel plant, currently shut down, faces the prospect of losing its largest potential customer, Hawaiian Electri...

More layoffs at Imperium as 100 Mgy biodiesel plant struggles

In Washington state, Imperium Renewables has announced a new round of layoffs, affecting corporate staff, just as a storm of protest erupted in Hawaii over Imperium's switch to supplying biodiesel to ...

Imperium Renewables receives BQ-9000 biodiesel certification; 100 Mgy Grays Harbor plant is largest plant to certify

In Washington state, struggling biodiesel producer Imperium Renewables reported yesterday that it has received BQ-9000 certification for fuel produced at the 100 Mgy canola-based biodiesel plant in Gr...

Imperium sells 5 Mgy Seattle Biodiesel plant to General Biodiesel

In Washington state, Imperium Renewables announced that it has sold its former 5 Mgy Seattle Biodiesel refinery to General Biodiesel, a Seattle-based start up, for an undisclosed amount. Imperium CEO ...

Imperium Renewables cancels $345 million IPO; Hawaii plant in jeopardy; linked to CEO departure

Imperium Renewables has canceled its planned IPO due to "unfavorable market conditions." The company had planned a $345 million IPO in May that would have financed the construction of three new biodie...

Tobias resigns as CEO of Imperium in shock departure; led $113 million VC financing for world’s largest biodiesel plant

In Seattle, Martin Tobias resigned as CEO of Imperium Renewables, the owner of the world's largest operating biodiesel facility, the 100 Mgy plant at Grays Harbor, WA. The company did not discuss reas...