Imperium Renewables formally withdrew its proposed $345 million initial public offering this morning, blaming "unfavorable market conditions."

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Imperium Renewables formally withdrew its proposed $345 million initial public offering this morning, blaming “unfavorable market conditions.”

The Seattle-based company, which operates the largest biodiesel facility in the U.S., filed the IPO in May and counted on using the money to build a string of similar facilities in places like Hawaii, Argentina, and the U.S. East Coast.

Imperium chief executive Martin Tobias stepped down Dec. 21 for unexplained reasons.

Imperium’s setback comes amid a toughening environment for alternative energy companies, even though oil prices have surpassed the $100 per barrel mark. Prices for agricultural feedstocks like corn and rape-seed are at an all-time high, eating into the profit margins of biofuel producers.