Date: December 6, 2011
Source: Fulcrum Bioenergy
Fulcrum BioEnergy (Pleasanton, CA) said it has raised $100 million in a venture capital financing round, according to a filing with the Securities and Exchange Commission (SEC). The company is currently building a $120 million waste-to-ethanol plant called Sierra BioFuels near Reno, NV that will use municipal solid waste as a feedstock. Last month Waste Management closed an equity investment with Fulcrum for $70 million which will be invested into the Reno plant. The parties also entered into a master project development agreement to collaborate on the joint development of Fulcrum projects in various locations throughout the United States using municipal solid waste supplied by subsidiaries of Waste Management under long-term feedstock agreements.
Fulcrum says it is currently developing facilities across the US with the combined annual capacity to produce more than 700 million gallons of renewable transportation fuel, while eliminating more than 13 million tons of waste from the nation's landfills. "This investment underpins our commitment to supporting innovative technologies that extract the value in waste and converts it into clean renewable energy," said Joe Vailancourt, managing director for Waste Management's Organic Growth Group.
The Sierra BioFuels plant is designed to process 147,000 tons of waste per year into about 10 million gallons of ethanol annually. Waste Management previously signed a feedstock agreement to supply the Sierra plant with MSW in Jan. 2011.
See also: "Waste Management Partners with Fulcrum BioEnergy to Build Plants," (www.wasteinfo.com/news/wbj20111122B.htm).