Fulcrum BioEnergy Files for IPO of Up to $115 Million for Waste-to-Fuels Plant

Date: September 22, 2011

Source: Fulcrum BioEnergy

Fulcrum BioEnergy (Pleasanton, CA) has filed plans to raise up to $115 million in an initial public offering aimed at funding its first commercial scale waste-to-ethanol plant being constructed near Reno, NV. The company said its proprietary technology allows it to convert municipal solid waste (MSW) into ethanol, a biofuel that has come under increasing pressure in the U.S. due to rising corn prices and threats to federal subsidies. The essentially free cost of MSW gives Fulcrum an edge over competitors using traditional feedstocks such as corn, sugarcane and other commodities sensitive to price swings, the company said in filing with the Securities and Exchange Commission (SEC). Fulcrum has already entered into long-term, zero-cost contracts with Waste Connections (Folsom, CA) and Waste Management (Houston, TX) for enough municipal solid waste to produce more than 700 million gallons of ethanol a year. The company said its first commercial-scale facility could produce about 10 million gallons of ethanol per year for less than $1.30 a gallon after the sale of renewable energy credits and other co-products.

Its Sierra biofuels plant would begin production in the second half of 2013 and reach full capacity within three years. The core element of its technology has been demonstrated at full scale, according to the company.

See also: "Fulcrum BioEnergy Gets $75 Million to Complete BioFuels Plant," (www.wasteinfo.com/news/wbj20110201C.htm).

See also: "Fulcrum BioEnergy Signs Two Waste-to-Ethanol Deals with WM and WCN," (www.wasteinfo.com/news/wbj20110111I.htm).

See also: "Waste Connections Partners with Fulcrum Bioenergy on Waste-to-Fuel," (www.wasteinfo.com/news/wbj20101130B.htm).

See also: "Fulcrum Gets $120 Million DOE Loan for Waste-to-Ethanol Plant near Reno," (www.wasteinfo.com/news/wbj20101116B.htm).

See also: "Fulcrum BioEnergy Says Waste-to-Fuel Plant Ready for Primetime," (www.wasteinfo.com/news/wbj20090901I.htm).

See also: "Fulcrum Bioenergy to Build First Commercial-Scale MSW-to-Ethanol Plant," (www.wasteinfo.com/news/wbj20080723F.htm).

September 22, 2011

Fulcrum Bioenergy Files Registration Statement for Proposed Initial Public Offering

Fulcrum BioEnergy, Inc., a producer of advanced biofuel from garbage, announced today that it filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined.

UBS Securities LLC will be acting as the book-running manager for the offering. The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus may be obtained from UBS Securities LLC, via telephone at 1-888-827-7275 or by mail at UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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