Imperium Renewables cancels $345 million IPO; Hawaii plant in jeopardy; linked to CEO departure

Imperium Renewables has canceled its planned IPO due to “unfavorable market conditions.” The company had planned a $345 million IPO in May that would have financed the construction of three new biodiesel plants, including a $90 million project with Hawaiian Electric.

Just before Christmas, Martin Tobias resigned as CEO of Imperium Renewables, the owner of the world’s largest operating biodiesel facility, the 100 Mgy plant at Grays Harbor, WA. The company did not discuss reasons for Tobias’ sudden departure, but sources have indicated that upcoming 4th quarter financial results were poor.
Imperium closed a $113 million venture capital round in 2007 as well as securing a $100 million bank debt financing, but had not closed a planned $345 million IPO. Imperium is backed by Paul ALlen, co-founder of Microsoft, where Tobias formerly was employed before joining Imperium. Imperium founder John Plaza was named interim CEO and director Nancy Floyd was named chairman.

Imperium had been instrumental not only in developing its own strategy, but had provided initial funding for Propel Biofuels in the form of a loan. Propel announced a goal in April of installing its biodiesel fuel equipment at 20 stations in Washington, Oregon and California. Currently, the company has eight sites in Washington state in the permitting stage.

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