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New biofuels facility receives multi-million dollar backing

Renewable fuel producer Fulcrum Bioenergy has received multi-million dollar financing for a new facility in the US.

The total amount comes to $175 million (€134 million) and construction of the Sierra Biofuels municipal solid waste to low-carbon fuels facility represents Fulcrum’s foray into such a plant.

‘The current IPO market environment remains challenging, especially for development stage companies like us,’ says Fulcrum CEO James Macias. ‘Because of this we have secured commitments from alternative capital resources to advance our municipal waste to renewable fuel programme and we have withdrawn our registration statement.’

Once up and running the expected fuel production costs have been stated as less that $0.75 a gallon.