Renewable Energy Group cancels $150 million IPO, citing market conditions

March 19, 2008

In Iowa, Renewable Energy Group cancelled its $150 million IPO, citing poor market conditions. The company had hoped to use proceeds from the IPO to fund one-third of the construction costs of 180 Mgy in new production capacity at three locations. The company has two 60 Mgy plants under construction in Louisiana and Kansas, owns a 12 Mgy plant, and operates three other plants for other owners with a 120 Mgy capacity.

Last January, Imperium RenewablesÂ 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. 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.

Earlier in 2007, Cosan, the Brazilian ethanol giant, completed a $1 billion IPO in New York.

Biofuel catalyst maker Codexis abandons $100 million IPO, citing market conditions

In New York, biocatalyst developer Codexis, which numbers Chevron, Bio*One Capital and Pfizer among its investors, cancelled a $100 million IPO, citing "unfavorable market conditions". The company man...

Blackhawk Biofuels to acquire 45 Mgy Illinois biodiesel plant from Biofuels of America

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Avantium cancels IPO: “adverse market conditions”

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Blackhawk completes acquisition of 45 Mgy Illinois biodiesel plant; to convert to multi-feedstock

In Illinois, Blackhawk Biofuels has completed its acquisition of the nearly-completed 45 Mgy Danville biodiesel plant from Biofuels Company of America, and has assigned management to Renewable Energy ...

Cargill cancels 100 Mgy corn ethanol project in Kansas, cites market conditions

In Kansas, Cargill canceled plans to construct a 100 Mgy corn ethanol plant near Topeka, citing tough economic conditions. The proposed plant had been in the permitting stage with no construction yet ...

Oklahoma Sustainable Energy cancels $100 million corn ethanol project, cites financing

In Oklahoma, Oklahoma Sustainable Energy and Chaparral Energy have canceled plans for a $100 million corn ethanol project proposed for Blackwell. The companies cites financing conditions, while obse...

Written by Jim Lane · Filed Under Producer News, Stock & Financial Outlook