Changing World Tech heading for IPO

West Hempstead, N.Y.-based Changing World Technologies, a manufacturer of biodiesel and organic fertilizers, has filed with the U.S. Securities and Exchange Commission to raise up to $100 million in an initial public offering.

The company, backed by Apex Capital, ConAgra Foods and others, has not yet set the number of shares or a price range for the offering. WR Hambrecht + Co. will serve as lead book-running manager for the share sale.

Changing World's biodiesel and organic fertilizers are made from animal and food processing waste using the company's thermal conversion process. The company said its process has the ability to convert a broad range of organic wastes, in addition to animal and food processing waste, including trap and low-value greases, mixed plastics, and rubber and foam.

The company's production facility in Carthage, Mo., handles 250 tons per day. The plant can convert 78,000 tons of animal and food processing waste into 4 million to 9 million gallons of biodiesel per year. Changing World sells the biodiesel as a fuel for the industrial boiler market, and sells its fertilizers to a number of farms in the Carthage area.

The company pulled in revenues of $589,000 in 2007, up from $261,000 in the previous year.

Changing World plans to use proceeds from the IPO for general corporate and working capital purposes. In its filing, the company said it's aiming to set up additional facilities close to sources of feedstock, and said it has entered into discussions with several animal and food processors in North America and Europe and with municipal treatment facilities and trap grease aggregators in the Northeast U.S.

Initially, the company plans to build facilities that can convert 500 to 2,000 tons of animal and food processing waste per day, producing 13 million to 54 million gallons of biodiesel per year.

Changing World expects to trade on the Nasdaq Global Market or NYSE Arca but has not disclosed what symbol it plans to use.

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