Avantium cancels IPO: “adverse market conditions”

Avantium, a research and development company spun off from Royal Dutch Shell in 2000, has cancelled its IPO owing to adverse market conditions. Avantium provides R&D services to companies such as BP, Royal Dutch Shell, Sasol, and Pfizer, including research on next-generation biofuels.

Avantium announced only last month that it would pursue an IPO after the completion of a successful proof-on-concept engine test for a new proprietary biofuel, and the extension of its strategic research partnership with BP.

BP also has strategic biofuels partnerships with D1 Oils relating to African jatropha development, and with DuPont relating to second-generation butanol production.

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