Waste Management unveils equity investment in Fulcrum Bioenergy
Nov 18, 2011 - US Waste Management Inc (NYSE:WM) today announced the closing of an equity investment in biofuel producer Fulcrum Bioenergy.
In relation with the investment Waste Management arranged a secured loan facility to provide up to USD 70 million (EUR 51.6m) in funding for Fulctum's Sierra Biofuels plant upon fulfilling certain conditions.
The two companies also agreed to jointly develop Fulcrum projects throughout the US using municipal solid waste supplied by Waste Management units under long-term feedstock contracts.
Fulcrum lately commenced the construction of the Sierra Biofuels plant in the state of Nevada. The plant is expected to open in the second half of 2013, with a capacity to process 147,000 tonnes of waste to produce 10 million gallons (37.8 million litres) of ethanol a year.