Fulcrum Withdraws Biofuel IPO Citing ‘Challenging’ Market
Fulcrum BioEnergy Inc. (FLCM), a closely held company that produces ethanol from garbage, withdrew its registration for a planned initial public offering due to “challenging” market conditions, Chief Executive Office James Macias said.
The company has arranged $175 million in private financing to build its first commercial plant, Pleasanton, California- based Fulcrum said today in a statement. The project was awarded a $105 million U.S. loan guarantee in August and will process household garbage into 10 million gallons (38 million liters) of ethanol a year.
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