Fulcrum to raise up to $115m in IPO

Waste-to-ethanol company Fulcrum BioEnergy has filed for an IPO that could raise enough money to fund the construction of an ethanol plant that has been under development since 2008.

The IPO could raise up to $115 million (€85.6 million) and this, coupled with a possible US Department if Energy loan guarantee, would see Fulcrum break ground on its $120 million facility, Sierra BioFuels.

Fulcrum could start building the plant, close to Reno, Nevada, US, by the end of 2011 before production commences by mid-2013. When operational, Sierra BioFuels will produce 10 million gallons a year of ethanol.

According to Fulcrum, it has already signed a 15-year deal with Waste Management of Nevada, which will supply the municipal waste for its plant.