- Companies
- Fulcrum Bioenergy
Fulcrum Bioenergy Valuation, Funding & Investors
Fulcrum Bioenergy is valued at $603M as of July 2017.
Last Fulcrum Bioenergy valuation
$603M
Series A · Jul 2017
Last Fulcrum Bioenergy funding round
$50M
Undisclosed stage · Dec 2021
Cumulative funding Fulcrum Bioenergy raised
$135M
across 5 funding rounds
Key investors in Fulcrum Bioenergy
BP Ventures
SK Holdings
United Airlines
Air BP
About Fulcrum Bioenergy
Fulcrum Bioenergy is a renewable fuels producer transforming municipal solid waste into sustainable transportation fuels like renewable diesel, jet fuel, and ethanol via a thermochemical process. Pleasanton-headquartered since its 2007 founding, the company operates the Sierra BioFuels Plant near Reno, Nevada, capable of processing 175,000 tons of waste annually into 10 million gallons of fuel. Fulcrum supplies low-carbon synthetic crude to refineries and has offtake agreements with BP, United Airlines, and Chevron for renewable jet fuel meeting ASTM standards.
Founded
2007
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$603M (Jul 2017)
Fulcrum Bioenergy Valuation
Fulcrum Bioenergy is currently valued at $603M, based on its Series A in July 2017.
Fulcrum Bioenergy valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2017 | Series A | $603M |
Fulcrum Bioenergy Funding History
Fulcrum Bioenergy has raised a total of $135M across 5 funding rounds.
Fulcrum Bioenergy's first fundraising round was a $30M undisclosed-stage round in July 2015. The most recent completed round was a $50M undisclosed-stage round in December 2021.
Fulcrum Bioenergy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2021 | Undisclosed stage | SK Holdings (lead) | $50M | - | Fulcrum BioEnergy, founded in 2007, develops technology to convert municipal solid waste (MSW) into renewable transportation fuels like synthetic crude oil and aviation fuel using a patented waste-to-fuel process. The company commercialized the world's first MSW-based biofuels refinery in Nevada, which began operations in July 2021 and is set to produce 40,000 tons of synthetic crude oil annually from 2022. Fulcrum's technology diverts non-recyclable landfill-bound MSW, reduces greenhouse gas emissions, addresses landfill shortages, and has been certified under California's Low Carbon Fuel Standard. On December 16, 2021, SK Inc., the holding company of South Korea's SK Group, co-invested $50 million in Fulcrum BioEnergy alongside an undisclosed domestic private equity fund in a private equity round. This investment aims to position SK in the biofuel market, particularly waste-based biofuels, through collaboration with Fulcrum, which holds long-term supply contracts with major US waste treatment companies. SK plans to explore domestic opportunities in South Korea with affiliate SK Ecoplant, a construction and engineering firm focused on environmental energy projects, while expanding globally in waste recycling and bioenergy. The round aligns with Fulcrum's operational milestones, including syngas production at its Sierra BioFuels Plant. SK Group continued its commitment with a subsequent $20 million equity investment by SK Innovation in July 2022, plus an exclusive licensing agreement to deploy Fulcrum's process in South Korea and select Asian countries. Overall, Fulcrum has raised over $493 million across 17 rounds from 15 investors, including Rustic Canyon Partners, Alpha Edison, Cathay Pacific Airways, UK Department for Transport, and United Airlines, with no disclosed valuations or financial metrics like revenue or EBITDA for this specific round. |
| Sep 2018 | Undisclosed stage | - | $20M | - | Fulcrum BioEnergy is a clean energy company pioneering the conversion of municipal solid waste into zero-carbon transportation fuels through its proprietary waste-to-fuel process. The company was founded in 2007 by E. James Macias and James A.C. McDermott and operates the Sierra BioFuels Plant, which achieved the operational milestone of producing syngas from landfill waste. By February 2023, Fulcrum had raised $281.1 million across 12 funding rounds from investors including Cathay Pacific Airways, UK Department for Transport, Rustic Canyon Partners, SK Holdings, United Airlines, and Waste Management. In July 2022, SK Innovation completed a $20 million equity investment in Fulcrum and established an exclusive licensing agreement to explore bringing Fulcrum's waste-to-fuel process to South Korea and select Asian countries. The company planned a large commercial growth program with net-zero carbon waste-to-fuels plants across North America targeting approximately 400 million gallons per year of production capacity. However, Fulcrum faced significant challenges and laid off most of its staff in May 2024, subsequently filing for Chapter 11 bankruptcy in September 2024, with its assets sold or settled through the bankruptcy court by late 2024. |
| Jul 2017 | Series A | - | $5M | $603M | Fulcrum BioEnergy develops technology to convert municipal solid waste into renewable transportation fuels, including sustainable aviation fuel, achieving over 80% reduction in lifecycle carbon emissions compared to conventional jet fuel. The company was nearing commercial operation of its first alternative fuels plant in 2017. On July 24, 2017, Fulcrum BioEnergy raised $5 million in a Series D-3 round at a post-money valuation of $602.89 million. Earlier that month, around July 31, United Airlines made a $30 million equity investment, acquiring a stake and entering a long-term supply agreement for up to 90 million gallons of sustainable aviation fuel annually for at least 10 years. Major shareholders included US Renewables Group, Rustic Canyon Partners, BP, United Airlines, and Waste Management. Fulcrum planned joint development with United Airlines of up to five projects near airline hubs, potentially producing 180 million gallons of fuel per year. The company's total funding reached approximately $463.93 million across multiple rounds. |
| Nov 2016 | Undisclosed stage | Air BP; BP Ventures | $30M | - | Fulcrum BioEnergy develops technology to convert municipal solid waste into low-carbon renewable jet fuel and diesel using a gasification process. The company announced a strategic partnership with BP in November 2016, including a $30 million equity investment from BP Ventures and Air BP, along with a 10-year offtake agreement for 50 million gallons of jet fuel annually from Fulcrum's North American plants. Air BP will handle distribution, blending, certification, and supply chain services for the fuel to aviation customers. This $30M investment mirrors a prior $30M deal with United Airlines in June 2015, which included a 1.5 billion gallon offtake commitment valued at an estimated $1.58 billion based on 2015 jet fuel prices. Fulcrum had previously raised at least $118M in equity and $70M in debt, including a $93M Series C in 2011 from investors like Waste Management, USRG Management, and Rustic Canyon Partners. Earlier partnerships included Cathay Pacific Airways and Waste Management. The BP deal accelerates construction of Fulcrum's second and third plants, supporting plans for eight MSW-to-biofuel facilities by 2022 producing over 300 million gallons annually. Fulcrum's first commercial plant, the Sierra BioFuels Plant near Reno, Nevada (10-11 million gallons per year), was under construction in 2016 with startup planned for late 2018 or 2019, processing 200,000 tons of waste feedstock annually. The fuel offers over 80% lower greenhouse gas emissions than fossil jet fuel and aims to be cost-competitive. |
| Jul 2015 | Undisclosed stage | United Airlines (lead) | $30M | - | Fulcrum BioEnergy develops and commercializes technology to convert municipal solid waste into low-cost sustainable aviation biofuel. United Airlines announced a $30 million equity investment in Fulcrum on June 30, 2015, marking the single largest investment by a U.S. airline in alternative fuels. In addition to the equity stake, United secured options to invest in up to five commercial-scale projects near its hubs, potentially producing 180 million gallons of fuel annually, and a long-term supply agreement for at least 90 million gallons per year for 10 years at competitive pricing. The investment accelerates Fulcrum's timeline, with its first commercial plant expected to start operations in 2017. Offtake contracts are valued at an estimated $1.58 billion over 10 years based on 2015 jet fuel prices of $1.76 per gallon, representing about 3% of United's annual fuel use. Fulcrum anticipates capturing RINs under the Renewable Fuel Standard, though not included in baseline economics, and plans a 70/30 debt/equity ratio for plants with opportunities for economies of scale. Prior to United, Cathay Pacific invested in Fulcrum in 2014. United's participation distinguishes it in aviation biofuels advancement for carbon reduction. |
Who has invested in Fulcrum Bioenergy?
4 investors have backed Fulcrum Bioenergy across its funding rounds, including BP Ventures, SK Holdings, United Airlines and Air BP.
Lead investors include SK Holdings and United Airlines.
Fulcrum Bioenergy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Nov 2016 | ||
| 1 | Lead | Jul 2015 | ||
This data is available for Pro users. Sign up to see all 4 Fulcrum Bioenergy investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialFulcrum Bioenergy Competitors
Fulcrum Bioenergy competitors include listed companies like West Holdings, JinkoSolar and Array Technologies, and private ones like HIF Global, Amogy and Arbor Energy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $600M | - | ||
| Private | - | - | $700M | - | ||
| Private | - | - | $340M | - | ||
| Publicly listed | $304M | $74M | $571M | 2.7x | ||
| Publicly listed | $9.8B | ($44M) | $564M | 0.6x | ||
| Publicly listed | $1.3B | $34M | $650M | 1.1x |
Fulcrum Bioenergy Public Comps
Fulcrum Bioenergy is still privately-owned, but its public comps include Cox Energy, Cloudberry Clean Energy, W&T Offshore, Audax Renovables, Suzhou Thvow Technology, Zhejiang Netsun, CK Power PCL, PetroRecôncavo, General Fusion and PNEGroup.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $627M | $154M | 6.5x | - | 26.5x | - | |||
| $55M | $39M | 18.3x | 9.6x | 25.6x | 15.5x | |||
| $501M | $54M | 1.6x | 1.4x | 14.8x | 4.8x | |||
| $2.2B | $107M | 0.4x | 0.4x | 8.5x | 7.2x | |||
| $380M | $32M | 2.8x | - | 32.4x | - | |||
| $79M | ($2M) | 7.4x | - | (289.0x) | - | |||
| $303M | $198M | 5.4x | 5.3x | 8.3x | 13.0x | |||
| $614M | $339M | 1.5x | 1.6x | 2.8x | 3.3x | |||
This data is available for Pro users. Sign up to see all Fulcrum Bioenergy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Fulcrum Bioenergy
| When was Fulcrum Bioenergy founded? | Fulcrum Bioenergy was founded in 2007. |
| Where is Fulcrum Bioenergy headquartered? | Fulcrum Bioenergy is headquartered in San Francisco, CA, United States. |
| Is Fulcrum Bioenergy publicly listed? | No, Fulcrum Bioenergy is a private, VC-backed company. |
| What is Fulcrum Bioenergy's valuation? | Fulcrum Bioenergy was last valued at $603M in its Series A in July 2017. |
| How much funding has Fulcrum Bioenergy raised? | Fulcrum Bioenergy has raised $135M across 5 funding rounds. |
| What was Fulcrum Bioenergy's last funding round? | Fulcrum Bioenergy's last funding round was a $50M undisclosed-stage round in December 2021, led by SK Holdings. |
| Who are Fulcrum Bioenergy's investors? | Fulcrum Bioenergy's investors include Air BP, United Airlines, SK Holdings and BP Ventures. |
| Which companies are comparable to Fulcrum Bioenergy? | Companies comparable to Fulcrum Bioenergy include HIF Global, Amogy, Arbor Energy, West Holdings, JinkoSolar and Array Technologies. |
See companies similar to Fulcrum Bioenergy
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




