After word got out a couple weeks ago that the CEO of biodiesel producer Imperium Renewables, Martin Tobias, had left the company, we were wondering about the status of the company’s planned IPO. While a company spokesperson refused, at that point, to comment, Imperium has now filed to withdraw the public offering, citing “unfavorable market conditions.” The company also put out a statement on the wires.
The Seattle-based company, which has raised over $200 million, originally filed to raise up to an additional $345 million in an IPO on May 23, 2007. And in August, the company opened a new plant that they say is the largest biodiesel production facility in the U.S. The withdrawal filing was signed by interim CEO John Plaza, who replaced Tobias at the end of December. In the company’s press release the company says that it is “delaying” its plans for an IPO and Plaza states:
“Given the current market conditions, our Board has determined that it is not the right time to pursue a public offering. We look forward to building on our success in 2007, during which we constructed and opened the nation’s largest biodiesel plant.”
So it looks like, yes, the difficulties of the biofuel market have caused Imperium to stumble. Ethanol producers have been struggling and canceling plant plans in droves. Next question: Are Imperium’s plans for plants in Hawaii, Argentina and the east coast of the U.S. still on track?