In New York, PetroAlgae, ranked #16 in the 2009-10 “50 Hottest Companies in Bioenergy” by Biofuels Digest readers and international selectors, filed its S-1 registration statement with the SEC this morning for its initial public offering. The IPO intends to raise up to $200 million in an offering led by underwriters Goldman Sachs, UBS Investment Bank, Citi, Piper Jaffray, Cowen & Co, and Baird.
The announcement was greeted with a hilariously inaccurate story in the New York Times, which apparently confused PetroAlgae’s technology with the OMEGA project developed by NASA (NASA proposed to grow algae in sealed bags floating on the ocean), and characterized the Synthetic Genomics and Solix projects as among algae-based ventures that are making money.
Among concerns raised in other coverage of the PetroAlgae announcement, the generally weak IPO market, the absence of revenues for the development-stage company. We’ll add another: rampant confusion over PetroAlgae’s name.