As the end of the year creeps closer, another well-known cleantech startup has parted ways with its CEO. The Friday before Christmas, biodiesel producer Imperium Renewables said its CEO Martin Tobias is being transitioned from his roles as CEO and chairman of its Board of Directors. Over recent weeks the CEOs of electric sports car startup Tesla, and thin film solar company Miasole have jumped ship (or walked the plank).
The Seattle, Washington-based company, which has raised over $200 million and, earlier this year, filed for an IPO, says it has appointed president and founder John Plaza as interim CEO and current director Nancy Floyd as the company’s chairman. We read the news of the CEO transition first on CNET, which notes that biodiesel is a tough business.
Does the change of the guard signal trouble for the biodiesel producer? Ethanol producers have been struggling and canceling plant plans in droves. Though, in August Imperium Renewables opened a plant that the company says is the largest biodiesel production facility in the U.S. The company also plans plants in Hawaii, Argentina and the east coast of the U.S.
According to the latest SEC filings, the company estimates that the construction costs of the newly opened facility are about $78 million, but that the construction costs in other regions could be even more expensive. The company also lost $8.37 million for the first six months of 2007, which ended June 30, and $5.42 million for the full year 2006. No update on whether the planned IPO is still on track. We’ll add more when we know more.