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SK Group subsidiary invests US$50 million in Fulcrum BioEnergy to accelerate waste-to-fuel production

 Last Update: 2023-01-19
 Source: Internet
 Author: User

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SK Group's strategic investment subsidiary and a South Korean private equity fund will invest $50 million in US-based waste-to-fuel company Fulcrum BioEnergy
.

Fulcrum has developed a proprietary process to convert organic materials from municipal solid waste sites into low-carbon ready-made fuels
.
These fuels can be distributed using the same channels as traditional petroleum products
.

In July 2021, Fulcrum completed the first commercial-scale municipal solid waste-based biofuel refinery in Nevada
.

Its bio-jet fuel has been approved and certified as an alternative fuel for the aviation sector
.
In 2022, the company expects to begin producing about 11 million gallons per year of synthetic crude oil for sustainable aviation fuel (SAF)
.

"Fulcrum's novel biofuel production process can make a meaningful contribution to addressing environmental challenges by significantly reducing greenhouse gas emissions and addressing landfill capacity shortages," said Moohwan Kim, executive vice president of SK Corporation
.

Using Fulcrum's process, SK plans to explore further opportunities with its subsidiary SK Ecoplant, an environmental and energy solutions provider, to identify domestic market opportunities and expand the waste-to-fuel bioenergy market
.

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