South Korean refiner SK Innovation has announced it has invested $20 million in a US biofuel company, as it “accelerates a push for the shift to green energy businesses”.
The equity investment in Fulcrum BioEnergy, a California-based producer of low-carbon fuels, represents additional backing by SK, as SK’s holding firm made a combined $50 million investment with a local private equity firm in December last year.
Details on the number of shares or the portion of stake SK Innovation holds in Fulcrum were not disclosed.
SK Innovation said it will work with Fulcrum to explore Asian markets with biofuel energy, particularly converting waste into fuel by gasifying landfill waste to produce low-carbon transportation fuels.
Fulcrum is commercialising a process to produce synthetic crude oil from household garbage for the first time in the United States.
It has the proprietary refinery technology to gasify the garbage and produce the synthetic crude oil.
Fulcrum began operations of its commercial-scale biofuel plant in Nevada with an annual capacity of 11 million gallons per year.
For more information visit www.fulcrum-bioenergy.com