Energy Crop Seed Developer Ceres Raises $75 Million in IPO
Posted in Biofuels on February 22nd, 2012 by News Desk –
Thousand Oaks, Calif. – Ceres, a developer of seeds for energy crops used in the production of renewable fuels and bio-based products, has priced its initial public offering of stock to raise a total of $75 million.
The company sold 5 million shares priced at $13 per share in the deal, which was underwritten by Goldman Sachs and Barclays Capital.
Ceres was founded in 1997 as a genomics technology firm and has been applying the techniques used in the Human Genome Project to crops. Its high-throughput systems identify genes as well as their function and potential use.
Using advanced plant breeding and biotechnology, the company develops energy crops as raw materials for renewable transportation fuels, electricity and bio-based products. Ceres also supplies traits and technology to other large crop developers of corn, soy and other non-energy crops.
Ceres’ seed products include high-biomass sorghum hybrids and high-yielding switchgrass. Other crops in its pipeline include sweet sorghum, miscanthus and energycane.
Ceres is now trading on the Nasdaq under the symbol “CERE.”
Image credit: Ceres
