Solazyme files for $100 million IPO

We've featured San Francisco-based Solazyme several times over the past few years, most notably for creating jet fuel from algae. Back then, the company estimated its algae-based fuel would be competitive with $40- to $80-per-barrel oil prices, to say nothing about the current $100-a-barrel prices.
Solazyme hasn't slowed down. It has teamed up with the Dow Chemical Company to jointly develop microbe-based oils for industrial applications and created its own skin care line of consumer products. This month, Solazyme agreed to purchase an $11.5 million manufacturing plant in Peoria, Illinois. This plant has multiple 128,000-liter (33,800 gallons) fermenters that should be able to produce 2,000,000 liters (528,344 gallons) of oil each year.

With all of this forward momentum, it shouldn't be surprising that Solazyme has filed for a $100 million IPO. In 2010 the company reported total revenues of $38 million and a net loss of $13.7 million. If you are thinking about investing, though, you may want to read the full S-1 filing here.

[Source: SF Business Times]

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