31 Mar '13, 1pm

Mascoma backs away from IPO plans - Autoblog (blog)

Mascoma backs away from IPO plans - Autoblog (blog)

, a cellulosic ethanol maker, has been working on gaining capital investment from just about every funding source out there. But now it looks like the attempts to go public and raise $100 million have been pulled off the market. Gigaom's Katie Fehrenbacher had been puzzled that a company with weak financials – including 86 percent of its revenue coming from government grants – filed to launch an initial public offering. That happened about a year and a half ago but the effort never made it to the stock market. The other 14 percent of Mascoma's revenue came from selling its next-generation yeast to corn ethanol makers to cut their costs. Mascoma has wanted to go in a different direction – producing next-generation cellulosic ethanol from plant waste and not corn, with the waste coming from wood waste in a Michigan factory. The company said it was "market conditions" that ma...

Full article: http://green.autoblog.com/2013/03/31/mascoma-backs-away-f...

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