US: Waste Connections and Fulcrum BioEnergy to supply household garbage to biofuels plant
Waste Connections, Inc. (NYSE: WCN) announced that in conjunction with Fulcrum BioEnergy, Inc.'s entering into the final stage of financing for its Sierra BioFuels Plant, Waste Connections has entered into a strategic partnership with Fulcrum to supply municipal solid waste as feedstock for the project from its waste processing facility in El Dorado County, CA. Yesterday, the U.S. Department of Energy ('DOE') selected Fulcrum's Sierra BioFuels Plant to enter the final phase of DOE's Loan Guarantee Program. Fulcrum has received a detailed indicative term sheet from DOE and has begun the negotiation process to advance the loan towards closure and funding.
The Sierra BioFuels Plant will be located approximately 20 miles east of Reno, Nevada, and is designed to produce approximately 10.5 million gallons of ethanol annually and generate 16 megawatts of renewable electricity by processing post-sorted municipal solid waste - household garbage. Targeted to commence operations in late 2012, the project is intended to decrease our nation's dependence on foreign oil, reduce greenhouse gas emissions, and stimulate economic growth in northern Nevada by creating more than 50 full-time and 450 temporary green jobs.
'Our partnership with Fulcrum is a continuation of our efforts to evaluate and integrate emerging technologies into our waste handling and disposal operations. We believe that Fulcrum is at the cutting edge of an emerging breed of new technologies,' said Ronald J. Mittelstaedt, Chairman and Chief Executive Officer. 'Converting El Dorado County's solid waste to biofuel will dramatically increase El Dorado County's recycling rates and compliance with California's AB 939 requirements for the foreseeable future.'
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