Natural Fuels IPO raises $62 million

Australian biodiesel producer Natural Fuel Ltd. (NFL) has raised A$80 million (US$62.57 million) in an initial public offering that closed on December 18. “We are delighted with the support we’ve received from investors in Australia, Singapore, the U.K. and the U.S., and believe it validates our global approach and strategic asset locations,” Dick Selwood, NFL’s managing director, said. “We will be pressing ahead with our plans to become one of the world’s biggest biodiesel producers with production facilities servicing every major market,” he added. The 139 million-liter-per-year Darwin plant jointly owned and operated with Babcock & Brown Environmental Investments Limited, is exceeding expectations by producing specification-grade biodiesel at 80% capacity during performance testing, NFL said in a statement. (December 19, 2006)