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Goldman swims downstream for PetroAlgae IPO
By Steve Eder
(Reuters) - No client is too small for Goldman Sachs Group Inc (GS.N) these days, even a company with no revenue that's owned by a hedge fund specializing in penny stocks.
In a move that surprised some observers, Goldman earlier this month emerged as the co-lead manager on an initial public offering for PetroAlgae (PALG.OB), a development-stage company that is trying to create oil from algae.
Florida-based PetroAlgae, which plans to raise up to $200 million in the offering, has lost $58 million over the past three years.
The renewable energy technology it is trying to develop is innovative, and other start-ups are trying to capitalize on it as well. But PetroAlgae is by no means a leader in the field. And unlike one of its rivals, it doesn't have dollars flowing its way from Exxon Mobil Corp (XOM.N), which is expecting to pump $600 million into the emerging industry.
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