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Coskata files registration statement for proposed IPO

Renewable biofuels and chemicals company Coskata, Inc. has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of shares of its common stock. Proposed maximum in the filing is $100 million.

The number of shares to be sold in the proposed offering and the offering price have not yet been determined. Citigroup, Barclays Capital and Piper Jaffray will act as the joint book-running managers for the offering.

Coskata has developed a novel synthesis gas fermentation technology platform capable of producing a range of chemicals and fuels; the company is initially focusing on producing ethanol. The Coskata process is high-yield and low-cost, the company says. Based on production runs at its demonstration facility in Pennsylvania, Coskata projects producing 100 gallons of ethanol per dry ton of softwood in its commercial-scale facility using its hybrid biothermal process. By comparison, Sandia National Laboratory estimates the yield per bone dry ton of feedstock for biochemical and thermochemical processes to be 55 and 74 gallons, respectively.

In a fully-built out plant, the company expects to produce ethanol with unsubsidized cash operating costs of less than $1.50 per gallon net of co-product sales, assuming a feedstock cost of $64 per bone dry ton of softwood.

Comments

Reel$$

Great. Coskata has been a leader in cellulosic and seems to have found a working formula. Their feedstock costs may vary but with a 100% markup on per gallon production cost - they'll have room to be profitable regardless.

We wish them well in pioneering large scale biofuels. There is a huge domestic demand for sustainable biofuels.

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