Trash-to-biodiesel producer Changing World Technologies, backed by the owners of the New York Mets, has filed for an auction-style IPO run to raise as much as $100 million.

The company’s plant in Carthage, Missouri, takes about 250 tons daily in carcasses and other waste from a ConAgra Butterball turkey factory and turns it into fertilizer and diesel fuel suitable for use as heating oil.

Overall, cleantech companies drew $2.6 billion in venture capital funding in 2007 and continues as a major capital magnet in 2008. Some high-profile ventures, however, have hit speed bumps. In January, Seattle biodiesel refiner Imperium, funded by Technology Partners, Odyssey Biofuels and others, canceled its planned $345 million initial public offering and reportedly has had a series of layoffs since.

The lofty price of oil, however, could buoy alternative fuel producers. Though oil prices have fallen about $30 from their July 11 high of more than $147 per barrel, gasoline remains near $4 per barrel in many locations.

Changing World, based in the New York City suburb of West Hempstead, is funded by Apex Capital, ConAgra, Stonehill Capital and the venture capital unit of Fred Wilpon’s Sterling Equities. Mr. Wilpon is chairman and principal owner of the Mets.

In 2007, Changing World posted a loss of $19.9 million on revenue of $598,225. As of March 31, it had $9.2 million in cash and cash equivalents versus $14.3 million on December 31.

In the filing, the company said it produced about 391,000 gallons of diesel fuel in the quarter ended March 31, and sold about 93,000 gallons, but acknowledged that to turn a profit it needs to expand revenue and trim the cost of production.

Also weighing on the Chaning World, which had 70 full-time employees as of March 31, is the possibility that Congress will now extend a $1 per gallon renewable diesel tax credit beyond its expiration date December 31.

Though the company has been producing oil from turkey carcasses, Changing World said its patented thermal conversion process can produce oil from waste plastics, rubber and foam.