Citing market conditions, Enerkem has withdrawn its IPO registration. The company had planned to sell 7.25 million shares price between $17-$19 each.
From GigaOm:
Enerkem is a Canadian company, founded in 2000, that develops technology that turns waste into biofuel. The company has won federal government backing — a conditional commitment for an $80 million loan guarantee from the USDA — and also counts Waste Management, oil refiner Valero, Rho Ventures, Braemer Energy Ventures and the Westly Group as investors.
Enerkem gasifies various forms of waste — everything from old telephone poles to mixed municipal garbage — and then turns that syngas into various fuels including methanol and ethanol. Enerkem has inked non-binding agreements with Waste Management and Valero to sell its equipment, and those deals give Enerkem the option to co-own refineries with Waste Management and Valero.
Since 2008, Enerkem has been running a pilot plant in Sherbrooks, Canada, that can process 4.8 metric tons of feedstock a day, and its demonstration....
