News

Venture capital vital to North Dakota – VeraSun Energy, No. 2 U.S. ethanol producer, a Brookings, S.D.-based company has very successful IPO

Cirrus Design is flying high. The local plant produces single-engine airplanes that are attracting growing acclaim for their safety features and sleek look. Even Angelina Jolie, the pillow-lipped princess of 21st century cool, has one.

But the Duluth, Minn.-based business might not have opened its Grand Forks plant in 1998 without venture capital investments from the Grand Forks Development Corp. and the North Dakota Development Fund.

“Aviation companies didn’t have a very good track record,” and consequently Cirrus was having trouble securing conventional financing, said John Hitchcock, director of the Grand Forks plant.

The success of Cirrus demonstrates that venture capital plays a vital and growing role in North Dakota’s economy, area business leaders say.

By Jonathan Knutson, The Forum

Full Story: http://www.in-forum.com/articles/index.cfm?id=129648%C2%A7=News

***

POs crop up on interest in ethanol

By Matt Krantz, USA TODAY

When it comes to sizzling IPOs, forget about Silicon Valley. The Midwest is the best place to be.

Red-hot interest in ethanol as an energy source has turned Middle America into a breeding ground for some of the most-anticipated IPOs in months. Ethanol is a fuel made from plants, often corn, that some hope will be safer for the environment and reduce reliance on oil from the Middle East.

On Wednesday, VeraSun Energy, a Brookings, S.D.-based company that is the nation’s No. 2 producer of ethanol behind Archer Daniels Midland, went public and jumped 30% to $30. The IPO price of $23 was already above the expected range of $21 to $22 a share.

Full Story: http://www.usatoday.com/money/markets/us/2006-06-14-ethanol-usat_x.htm

Sorry, we couldn't find any posts. Please try a different search.

Leave a Comment

You must be logged in to post a comment.