Fulcrum BioEnergy closing in on $175 million financing

In support of its effort to commercialize a technology for converting municipal solid waste (MSW) into renewable fuels, Fulcrum BioEnergy, Inc. (Pleasanton, CA) announced that it has secured commitments towards closing $175 million in financing for its Sierra BioFuels Plant near Reno, Nevada. “With our recent success in securing attractive sources of capital, we are proceeding with our planned development program,” said Fulcrum BioEnergy President and CEO E. James Macias, who noted that the private financing strategy was necessary given that the current initial public offering (IPO) market environment remains challenging for development-stage companies like his. “Because of this, we have secured commitments from alternative capital resources to advance our MSW to renewable fuel program and we have withdrawn our registration statement,” he said. About $105 million of the $175 million in financing is in the form of a U.S. Department of Agriculture loan guarantee secured in August 2012.