Waterbuffalo
07-31-2008, 10:32 PM
http://seattlepi.nwsource.com/business/372903_imperium31.html
By JOHN COOK, Seattle P-I
What a difference a year makes.
At this time last year, Imperium Renewables was riding the clean tech boom with one of the largest venture financing deals in the history of the state and a $345 million initial public offering filing on record with the Securities and Exchange Commission. Politicians, including House Speaker Nancy Pelosi, D-Calif., regularly showed up at Imperium to tout the company's leadership in the biodiesel field.
Now, word comes that the Seattle biodiesel refiner has laid off a chunk of its corporate staff. The cuts hit last week. A source told the Seattle P-I that only a handful of staffers are left at the corporate office. The massive Grays Harbor County plant, one of the largest biodiesel facilities in the country, continues to operate, according to the source.
But Imperium appears to be a shell of its former self.
Through a spokesman, Imperium Chief Executive John Plaza confirmed the layoffs. But he declined to be interviewed or discuss how many people were let go in the latest shake-up.
Imperium's fall from grace has been rapid over the past few months, starting publicly in December with the unexpected resignation of CEO Martin Tobias. That was followed by layoffs and the cancellation of the IPO. Then in May, a former employee at Imperium sued the company over compensation issues. Meanwhile, just this week, a Honolulu TV station reported that Imperium does not plan to go forward with its biodiesel plant in Hawaii, instead shipping the fuel from its plant in Washington state. That's caused protests from an environmental group.
Further complicating matters for Imperium are the global issues about biodiesel, with debates about food versus fuel and the environmental challenges of biodiesel production.
As of last August, Imperium employed 107 people. But that number has been reduced by multiple layoffs and attrition.
By JOHN COOK, Seattle P-I
What a difference a year makes.
At this time last year, Imperium Renewables was riding the clean tech boom with one of the largest venture financing deals in the history of the state and a $345 million initial public offering filing on record with the Securities and Exchange Commission. Politicians, including House Speaker Nancy Pelosi, D-Calif., regularly showed up at Imperium to tout the company's leadership in the biodiesel field.
Now, word comes that the Seattle biodiesel refiner has laid off a chunk of its corporate staff. The cuts hit last week. A source told the Seattle P-I that only a handful of staffers are left at the corporate office. The massive Grays Harbor County plant, one of the largest biodiesel facilities in the country, continues to operate, according to the source.
But Imperium appears to be a shell of its former self.
Through a spokesman, Imperium Chief Executive John Plaza confirmed the layoffs. But he declined to be interviewed or discuss how many people were let go in the latest shake-up.
Imperium's fall from grace has been rapid over the past few months, starting publicly in December with the unexpected resignation of CEO Martin Tobias. That was followed by layoffs and the cancellation of the IPO. Then in May, a former employee at Imperium sued the company over compensation issues. Meanwhile, just this week, a Honolulu TV station reported that Imperium does not plan to go forward with its biodiesel plant in Hawaii, instead shipping the fuel from its plant in Washington state. That's caused protests from an environmental group.
Further complicating matters for Imperium are the global issues about biodiesel, with debates about food versus fuel and the environmental challenges of biodiesel production.
As of last August, Imperium employed 107 people. But that number has been reduced by multiple layoffs and attrition.