December 20, 2021 Release here
Represents a significant milestone for Fulcrum’s second zero-carbon transportation fuels project
PLEASANTON, Calif., December 20, 2021 – Fulcrum BioEnergy, Inc., a pioneer in the production of
low-carbon transportation fuels, announced today the completion of an interim financing to fund
Fulcrum’s second waste-to-fuels project, culminating in the issuance by the Indiana Finance
Authority of $375 million of Environmental Improvement Revenue Bonds (Bonds) through
Fulcrum’s wholly owned subsidiary Fulcrum Centerpoint, LLC (Centerpoint). Proceeds from the
offering will be held in escrow with t he Bonds subject to a mandatory tender for purchase on
November 15, 2022. Fulcrum expects to refinance the bonds on or before November 15, 2022. The
transaction was led by Morgan Stanley and Goldman Sachs & Co. LLC.
“We are pleased to take this next step in accelerating our growth trajectory with this financing,”
said Fulcrum’s President and Chief Executive Officer , Eric Pryor. “Fulcrum was awarded $500
million in volume cap by the Indiana Finance Authority to help fund a portion of the Centerpoint
BioFuels Plant, the Company’s second waste to zero-carbon fuels project. This interim financing
provides the Company with ample time in 2022 to finalize engineering and obtain the necessary
permits and authorizations to launch our next zero-carbon project.”
The Bonds are an obligation solely of Centerpoint and are not a debt, liability or obligation of the
Indiana Finance Authority or the State of Indiana, however, as a result of the volume cap award,
the Bonds will bear interest at a tax-exempt rate.
The Centerpoint BioFuels Plant will be located in Gary, Ind. with waste feedstock sourced from the
greater Chicago and northern Indiana areas. Fulcrum has secured the biorefinery site, completed
initial engineering and has submitted the air permit for the project, which will have the capacity to
produce approximately 33 million gallons of drop-in transportation fuel annually. Construction is
currently targeted to begin in 2023.
About Fulcrum
Based in Pleasanton, California, Fulcrum is leading the development of a reliable and efficient
process for transforming waste into zero-carbon transportation fuels including sustainable aviation
fuel and diesel. The Company’s innovative process utilizing household garbage as a feedstock will
reduce greenhouse gases by more than 100% on a lifecycle basis, contributing to the aviation andtransportation sectors goals of reducing carbon emissions. Beginning with the Sierra BioFuels Plant,
which will begin fuel production in the first quarter of 2022, Fulcrum’s plants will provide
customers with low -carbon drop- in fuel that is competitively priced with traditional petroleum
fuel. Fulcrum, a privately held company, has aligned itself with strategic feedstock, technology and
fuel offtake partners to further strengthen and accelerate the Company’s patented and proprietary
approach to commercially producing large volumes of renewable fuel from municipal solid waste.
For more information, please visit www.fulcrum-bioenergy.com.
Contact
Rick Barraza
Vice President
[email protected]
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