Fulcrum Gains Financing for Waste-to-Energy PlantFulcrum Gains Financing for Waste-to-Energy Plant
August 8, 2012
The Pleasanton, Calif.-based Fulcrum said in a news release that the commitment from the USDA of a $105 million loan along with private equity capital will fully fund the construction of Fulcrum’s Sierra BioFuels plant east of Reno in Storey County, Nev.
The plant will use municipal solid waste (MSW) to produce 10 million gallons of ethanol annually, as well as renewable energy for use at the facility. The plant will create 53 full-time and more than 430 engineering and construction jobs.
In November 2011 Houston-based Waste Management Inc. agreed to invest in and partner with Fulcrum on its waste-to-energy projects, including the Sierra Biofuels plant, for which it agreed to loan up to $70 million. The companies said they would collaborate on various projects using MSW supplied by Waste Management.
Fulcrum is in the final stages of completing engineering work on the project and will proceed with construction when financing is secured.
The USDA loan is part of the agency’s Rural Development Program.