Fulcrum BioEnergy completes $20 million investment with SK Innovation
Fulcrum BioEnergy Inc has completed a $20 million (€19.8 million) equity investment in Fulcrum by SK Innovation - the energy arm of South Korea's SK Group.
In addition, Fulcrum and SK Innovation will work together to enter into an exclusive licensing agreement providing the opportunity to explore the possibilities of bringing Fulcrum’s patented and proprietary waste-to-fuel process to South Korea and select countries in Asia.
SK Innovation, which contributes to South Korea’s energy security and economic development, operates South Korea's largest refinery as well as petrochemical, e-mobility battery and information electronic materials businesses.
This is the second investment that SK Group has made in Fulcrum, following its participation in a $50 million (€49.7 million) equity round in December 2021 by SK.
“This investment signals another strong vote of confidence in Fulcrum’s proprietary waste to fuels process following the recent operational achievement of producing syngas from landfill waste at our Sierra BioFuels Plant,” said Eric Pryor, Fulcrum’s president and CEO.
“The team at SK Innovation have been at the forefront of shepherding South Korea into a green energy future. We look forward to our continued partnership as we explore the many possibilities ahead of us in Asia.”
This expanded partnership and investment comes on the heels of the company completing the commissioning and initial operations of its inaugural biorefinery, the Sierra BioFuels Plant located east of Reno, Nevada.
In addition, Fulcrum and SK Innovation will work together to enter into an exclusive licensing agreement providing the opportunity to explore the possibilities of bringing Fulcrum’s patented and proprietary waste-to-fuel process to South Korea and select countries in Asia.
SK Innovation, which contributes to South Korea’s energy security and economic development, operates South Korea's largest refinery as well as petrochemical, e-mobility battery and information electronic materials businesses.
This is the second investment that SK Group has made in Fulcrum, following its participation in a $50 million (€49.7 million) equity round in December 2021 by SK.
“This investment signals another strong vote of confidence in Fulcrum’s proprietary waste to fuels process following the recent operational achievement of producing syngas from landfill waste at our Sierra BioFuels Plant,” said Eric Pryor, Fulcrum’s president and CEO.
“The team at SK Innovation have been at the forefront of shepherding South Korea into a green energy future. We look forward to our continued partnership as we explore the many possibilities ahead of us in Asia.”
This expanded partnership and investment comes on the heels of the company completing the commissioning and initial operations of its inaugural biorefinery, the Sierra BioFuels Plant located east of Reno, Nevada.
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