Canada’s Iogen hires Goldman to review strategic alternatives

15 September 2010 15:56  [Source: ICIS news]

TORONTO (ICIS)--Canadian biofuels firm Iogen Corporation has hired Goldman Sachs for a strategic review, triggering speculation on Wednesday that the company may be for sale.

Iogen and Shell are joint owners of Iogen Energy, a Canadian cellulosic ethanol technology firm.

“The board of directors feels that it is appropriate to examine all alternatives which will allow the company to realise the potential of this technology and thereby maximise shareholder value," Iogen chairman Clive Mather said in a statement late on Tuesday.

Iogen did not clarify what it meant by “all alternatives”. Such wording usually implies that a company may put itself up for sale, or enter into a merger or partnership.

An Iogen spokesperson did not return a call requesting comment.

Mather, a former chief executive of Shell Canada, said Iogen had developed advanced biofuel technology that was ready to be deployed.

According to its website, Iogen owns and operates a 10-acre, enzyme and cellulosic ethanol plant in Ottawa, Canada's capital. 

In addition to the biofuels business, Iogen also has a commercial enzyme business.

Earlier this month, US biofuels firm Mascoma said it acquired cellulosic ethanol technology firm SunOpta BioProcess from Canada’s diversified SunOpta food group.

Meanwhile, Canada's federal 5% renewable fuel blending mandate for gasoline will take effect on 15 December.

Check out Doris de Guzman’s Green Chemicals Blog for views on sustainability issues
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By: Stefan Baumgarten
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