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Imperium Renewables to Delay IPO
3 January 2008
Imperium Renewables, Inc. is delaying its plans for an initial public offering. It has withdrawn its registration statement on Form S-1 as filed with the Securities and Exchange Commission.
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.
—John Plaza, Imperium’s founder, president and interim CEO
Just prior to Christmas (2007), Imperium announced that CEO and Chairman Martin Tobias had been “transitioned” out of the company and replaced by John Plaza.
Headquartered in Seattle, Washington, Imperium Renewables currently operates a 100 million gallon per year nameplate capacity production facility in Grays Harbor, Washington, and is the largest producer of biodiesel on the West Coast.
January 3, 2008 in Brief | Permalink | Comments (4) | TrackBack (0)
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Posted by: TDI_Driver | January 03, 2008 at 12:16 PM
Yeah, I have to wonder about that move myself. They do make great fuel that I use exclusively in my TDi. But, have you seen the price lately? It went from $3.56/G to $3.95/G in a short period on the eastside of Seattle. What, have they run out of the Canola feedstock? I thought that since we were talking about a different feedstock source (farmers) that the price would not track with global crude feedstock prices.
Posted by: Steve | January 03, 2008 at 05:50 PM
I go to Propel in Kenmore WA where B99 was $3.75 or close to that price. Or just down the road we have soy B20 at the Safeway supermarket. The cost of bio has gone up because the methanol [from natural gas] has gone up so much. We need a gas-line from Alaska to PNW.
Posted by: TDI_Driver | January 04, 2008 at 04:13 PM
Really -- what's the inside scoop as to what's truly going on inside Imperium? Why the shake up? Why late December when the IPO filing is pending? Did the regulators ask something uncomfortable? Was Tobias made a better offer? Is Plaza in financial trouble? What gives?
Posted by: Blaze | January 25, 2008 at 01:33 PM
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No suprise. Kicking MartinT out of the company was a dull-witted move. They still make good canola diesel fuel so I'll use it.