Waste Management-backed Fulcrum Bioenergy, a US-based bio-fuels company, has filed its fifth amendment to its planned up to $115m initial public offering.
The company, which converts garbage to ethanol, filed its fifth amendment to its flotation filing this month. The company plans to list on Nasdaq as FLCM.
Fulcrum Bioenergy in November raised $93m in series C financing from investors including affiliates of venture firms USRG Management Company, Rustic Canyon Partners, as well as WM Organic Growth, a subsidiary of Waste Management, the largest US-based waste management company.
Waste Management also provided a project loan facility of up to $70m to Fulcrum Bioenergy.
The flotation is being advised by UBS, Bank of America Merrill Lynch, Citigroup and Raymond James.
USRG Management Company owns a 63.8% stake in Fulcrum, Rustic Canyon owns a 20.5% stake, while Waste Management owns 12.3%.
In 2011 Fulcrum made a loss of $52.5m.
The company was founded in 2007 by James McDermott, the managing partner of USRG Management Company. USRG initially invested $1m in the company in 2007. The company then raised $14m in series B funding in 2007 and 2008.
In 2008 the company also issued $10m in senior secured convertible notes to Rustic Canyon and USRG. In 2010 these notes were converted into series B-2 stock. The company’s series C round was also backed by Rusheen Capital Partners, of which James Mcdermott is one of the managing members.
In March 2010 the company issued USRG and Rustic Canyon with convertible notes, which were converted into stock in 2011.