Details Emerge On Fulcrum Bioenergy’s Series C

Waste Management and returning backers have invested more than $100 million in Fulcrum Bioenergy’s recently concluded Series C, according to regulatory fillings.

Besides Waste Management Fulcrum, which has developed a technology able to convert large amounts of waste into Biofuels, secured returning investments from USRG Management Company and Rustic Canyon Partners.

Separate from its venture investment, Waste Management also agreed to provide Fulcrum  up to $70 million in construction financing for its $180 million, Sierra BioFuels demonstration plant in Nevada. The debt would partly make up for the DOE loan guarantee Fulcrum was counting on until its application was put on hold earlier this year.

Construction on the Sierra plant, which fully operational will produce about 10.5 million gallons of ethanol,  is slated to start at the end of the year.

Last September Fulcrum filled for an Initial Public Offering (IPO) to raise about $115 million, a little more than what its has raised in its Series C. Underwriting the IPO are: UBS, Bank of America Merrill Lynch, Citigroup and Raymond James.  BofA, Citi, and Raymond James signed on as underwriters in October, after UBS, according to an amended S1 filling.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>