Biodiesel maker, Imperium Renewables, files for IPO amid growing losses
Imperium Renewables, a biodiesel maker in Seattle, Wa, filed for an initial public offering to raise up to $345 million, the latest sign of heat in the green technology industry.
This was expected. See the filing here.
Note that the company had an operating loss of more than $3.4 million in the three months ending March 31, and a net loss of almost $3 million. Note too that the cost it incurs for its revenues (”cost of sales”) is higher than the revenue itself.
The losses will continue. The funding will be used to finance the construction of three new production facilities, among other things, the company said.
Earlier this year, the Seattle-based company raised a $113 million round of financing and $101 million in debt.
Investors include: Odyssey Biofuels (owning 24 percent of company), Technology Partners (12.6 percent), IOA (9 percent), Nth Power (9.4 percent), and BlackRock (8.5 percent).
(Originally published 5/24)
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