Amyris Biotechnologies S-1:
sec.gov
Codexis S-1:
sec.gov
Two biofuels companies file for IPO
By Holly Jessen
Ethanol Producer Magazine
Posted April 19, 2010
Amyris Biotechnologies Inc. and Codexis Inc., two California-based companies, have filed with the Securities and Exchange Commission for an initial public offering (IPO) of common stock. Amyris, which is focusing its initial efforts on ethanol from Brazilian sugarcane, hopes to raise $100 million and Codexis, which is working with cellulosic ethanol maker Iogen Corp., wants to bring in about $85.3 million.
Amyris works with genetically modified microorganisms, primarily yeast, for the fermentation process. The company has a joint venture with Usina São Martinho, a subsidiary of one of the largest sugar and ethanol producers in Brazil. The plan is to work with this company and others in Brazil to build “bolt on” ethanol facilities to co-locate at existing sugar mills, rather than building new ethanol facilities, according to the SEC filling from April 16. A 5,000 liter demonstration facility was established by Amyris in Brazil last fall.
In addition, Amyris has a research and development laboratory with an adjacent pilot facility in Emeryville, Calif., where the company is based. The pilot plant tests the yeast strains in 300 liter scale fermentors. The company will use a $24.3 million U.S. DOE grant to expand the pilot plant with the goal of developing U.S. production of renewable fuels and chemicals from sweet sorghum. Amyris will share the cost of this to the tune of an additional $10.5 million.
The company is, as of yet, unprofitable. At the end of 2009, Amyris had accumulated a deficit of $120 million. “We expect these losses to continue,” according to the SEC filing.
Codexis, headquartered in Redwood City, Calif., and first incorporated in 2002, is a wholly owned subsidiary of Maxygen Inc. At the end of March, Maxygen owned about 21 percent of Codexis stock. The company also counts Shell, Chevron Corporation, Pfizer and The General Electric Company as investors. Codexis works in two arenas, according to the company Web site, in biofuels and pharmaceuticals.
According to information in the SEC filing, a limited number of customers provide the bulk of Codexis’ revenue, now and into the future. For example, in 2009, the top five Codexis customers accounted for 90 percent of its revenues, with Shell alone coming in at 76 percent. Codexis has an agreement with Shell to work with Iogen on enhancing the efficiency of the biocatalysts used in Iogen’s cellulosic ethanol production process. In addition, Codexis has worked with Shell on research in the U.S. and Hungary on biocatalysts for converting biomass directly into biofuels.
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