KiOR (NASDAQ:KIOR) is a biotech company, in development stage, focused on producing clean energy by converting non-food biomass in to a renewable energy sources such as biofuels and fuel blendstock. The company has developed a proprietary technology platform that transforms non-food biomass such as Southern Yellow Pine whole tree chips into a hydrocarbon-based oil. Preliminary manufacturing facilities are based in Mississippi and the company plans to expand production to other rural regions of the US, Canada, and Brazil. The business strategy is to sell the biofuel as a 'drop in' compatibility fuel on the open crude oil market. 
KiOR is in a development stage with no reported revenues at the point of IPO. For the full year 2010, KiOR did run a $46M in net loss which was a 230% increase in net loss as compared to the previous year.
The company's initial public offering of stock on the NASDAQ occurred on June 23, 2011. The company offered 2.7M shares each for $15, which was quite below the initial price range of $19-$21. The offering raised only a total of $150M - significantly less than the initial estimates. The lead managers of the IPO were Credit Suisse Group (CS), UBS AG (UBS), and Goldman Sachs Group (GS).
With the ever increasing market pressure to find alternative sources of energy other than traditional fossil fuels, biotech companies such as KiOR have flooded the market with a range of new renewable energy sources. Several recent key factors have played a major role in this recent development of events including:
As a result, the market for renewable fuels greatly expanded in the past few years and was recently segmented into four major categories based on decisions made by the Renewable Fuel Standard program. The categories were established in order to distinguish clear and independent production targets and goals for the future.
The four categories are as follows: