Saturday, 27 December 2014
Last updated 2 days ago
Feb 11 2009 | 6:59am ET
New York-based Changing World Technologies (CWT), a company that converts organic waste to diesel fuel oil, is scheduled to price its IPO on Wall Street this week.
The firm could raise as much as $42 million, if the price is at the high end of its $11 to $15 per share range.
CWT is backed by Apex Capital, ConAgra Foods and others. WR Hambrecht + Co. will serve as lead book-running manager for the share sale.
CWT has developed a non-combustion thermolytic depolymerization process for converting waste to fuel and fertilizers. The company’s Carthage, Missouri production facility currently has the capacity to convert 78,000 tons of animal and food processing waste into approximately four to nine million gallons of renewable diesel annually. This can be run as a straight, unblended low-sulfur fuel oil and is EPA-approved as a diesel-fuel additive. Full use as a transportation fuel would require upgrading.
The company has said it will use IPO proceeds for general corporate and working capital purposes. In its filing, CWT says it plans to establish additional facilities close to feedstock sources, initially converting 500 to 2,000 tons of waste per day, producing 13 million to 54 million gallons of biodiesel per year.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.