Fulcrum Sierra BioFuels secures $105m USDA loan guarantee
Fulcrum Sierra BioFuels has secured a $105m loan guarantee from the US Department of Agriculture (USDA) to finance a facility in Nevada that converts municipal solid waste into advanced bio-fuels.
The Nevada Advanced Bio-fuels Facility will use a two-part thermo-chemical process to convert about 147,000t of processed municipal solid waste into over 10m gallons of advanced bio-fuels per annum.
Agriculture Secretary Tom Vilsack said that the loan guarantee is to ensure that the alternative US-produced feedstock receive necessary support to secure the nation's energy independence.
"At USDA we are focused on the production of renewable energy from a wide variety of non-food sources, including waste, algae, wood, and switchgrass as a long-term solution to America's energy needs," added Vilsack.
"The facility we are announcing today will help create nearly 500 jobs in Nevada and is a perfect example of how producing home-grown energy is good for the economy and good for our energy future."
USDA is providing the said loan guarantee under its rural development bio-refinery assistance program.