2010 is going to see the return of the IPO, especially in greentech.
Today sees another Greentech IPO registration filing, this time from Codexis, a provider of biocatalysts. We'll report on the S-1 in detail shortly but a quick take shows the company losing money on $58 million in revenue in the first nine months of 2009.
Codexis is funded by venture firms and strategic investors. CMEA is one of their major shareholders along with Shell Oil and CTTV, the investment arm of Chevron. CMEA is on a bit of a roll of late - one of their other portfolio firms, Solyndra has also just filed their S-1, and A123, another CMEA portfolio firm, went public in one of the biggest greentech IPOs of late.
Codexis' biocatalysts are used in the pharmaceutical industry but the greentech angle is the deal that Codexis has with Shell to produce commercially viable biofuels from cellulosic biomass. Other green applications for their product include carbon management, water treatment and "green" chemicals.
Codexis' biofuel product is intended to produce commercially viable, cellulose-derived biofuel alternatives to petroleum-based fuels. They have been engaged with Shell since 2006 in a research and development collaboration. Their advanced biofuels program focuses on two primary elements: (1) developing biocatalysts to convert cellulosic biomass into sugars; and (2) converting these sugars into two advanced biofuels, cellulosic ethanol and biohydrocarbon diesel. Their catalysts aim to:
- Increase the rate at which cellulosic biomass is converted into biofuels;
- Increase the yield of biofuels produced from cellulosic biomass
- Eliminate the need to use food resources for the production of biofuels;
- Provide producers with more flexibility in designing processes to convert cellulosic biomass to biofuels
- Enable the production of new types of cellulosic biofuels that could be alternatives to petroleum-based fuel
We'll take a closer look at the SEC documents and report back to you.