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Business

Mascoma Cancels Stock Offer

by Melody M. Bomgardner
April 1, 2013 | A version of this story appeared in Volume 91, Issue 13

Cellulosic ethanol company Mascoma has canceled plans to hold an initial public offering of stock, citing poor market conditions. The firm floated its IPO plans in September 2011, hoping to raise up to $100 million. Mascoma’s genetically modified yeast is designed to convert biomass such as hardwood pulp to ethanol. Its first commercial facility, to be built in Kinross, Mich., will have a capacity of 20 million gal per year and open in 2014 or 2015. The facility, a joint venture with oil firm Valero, received an $80 million Department of Energy loan guarantee.

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