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Fulcrum BioEnergy creates 500 Green Jobs in Nevada
Fulcrum BioEnergy, Inc., a leader in the next generation of advanced biofuels, announced today that it closed a $75 million Series C financing, to be used for the completion of its $120 million Sierra BioFuels plant near Reno, Nevada.
The plant will convert household garbage to clean, low-carbon ethanol, renewable electricity and other high value chemical products.
“With this funding, we have secured the equity capital necessary to complete our Sierra BioFuels Plant. We are excited to be starting construction on this milestone project which will demonstrate the tremendous future potential of our business,” said Fulcrum’s President and Chief Executive Officer E. James Macias. “Converting waste into renewable fuels and energy is about to become a reality. I’m very proud of our Fulcrum team that has consistently delivered on commercial, technical and financial milestones,” added Macias.
Fulcrum BioEnergy received a term sheet in November 2010 from the US department of Energy for a loan guarantee.
The plant is located approximately 20 miles east of Reno, Nevada in the Tahoe-Reno Industrial Center in Storey County. The construction phase will employ 450 workers, and when fully operational in late 2012, it will provide good green jobs to 53 workers.
The company recently entered into feedstock supply agreements with Waste Connections and with Waste Management of Nevada, for the delivery of post-sorted municipal solid waste.