Mission NewEnergy, a global leader in providing affordable energy from renewable origins, has established a new presence in the United States with offices in San Antonio and commencing operations throughout the country.
The company has launched an unprecedented campaign to fund and manage millions of indigent farmers in India, growing and processing non-edible Jatropha seeds on otherwise unused land.
This unique undertaking, which already employs 194,323 of India’s poorest farmers, is coordinated by 2,200 Mission NewEnergy field agents and direct employees. Mobile phones and GPS systems enable Mission NewEnergy’s India head office to manage these hundreds of thousands of farmers.
The Jatropha solution to the global energy crisis is receiving world-wide support as the seeds are inedible and therefore do not affect food supplies or prices. Mission NewEnergy’s Jatropha biodiesel does not require taxpayer funding for its efforts.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), announced that it has acted as joint book-running manager to its client Mission NewEnergy Limited. Mission NewEnergy Limited announced today the pricing of its U.S. initial public offering of 2,785,000 ordinary shares at a public offering price of US$9.00 per share. The shares will begin trading today on the NASDAQ Global Market under the symbol “MNEL”.
Mission has granted the underwriters an option to purchase up to an additional 417,750 shares at the initial public offering price to cover overallotments, if any.
Mission intends to use the net proceeds from this offering to expand its feedstock operations, including but not limited to Jatropha acreage expansion and construction of crude Jatropha oil extraction facilities, as well as for working capital and other general corporate purposes.