
Fulcrum BioEnergy was a Pleasanton, California-based waste-to-fuels company founded in 2007 that developed a proprietary thermochemical gasification and Fischer-Tropsch process to convert municipal solid waste (household garbage) into low-carbon synthetic crude oil that could be upgraded into sustainable aviation fuel (SAF) and renewable diesel. Its flagship Sierra BioFuels Plant in McCarran (near Reno), Nevada, was designed to convert ~219,000 metric tons of garbage per year into transportation fuel. The plant broke ground in 2018, began operations in 2022, but suffered equipment problems (clogging, nitric acid corrosion, sludge buildup), shut down in May 2024, and the company filed for Chapter 11 bankruptcy in Delaware on September 9, 2024 with more than $456 million in obligations. Its Chapter 11 plan of liquidation was approved on April 14, 2025 following asset sales to WM (Refuse Inc.), Switch Ltd. and others totaling more than $58 million.
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
2007
Total Funding
$84.5M
4 rounds
Total raised $84.5M across 4 rounds
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Last updated 06-25-2026
Latest Round
Type
Grant (UK Advanced Fuels Fund)
Date
February 16, 2023
Amount
$24.5M
Valuation
—
Lead Investors
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| February 16, 2023 | Grant (UK Advanced Fuels Fund) | $24.5M | — | UK Department for Transport |
| November 7, 2016 | Strategic Equity (BP) | $30M | — | BP Ventures, Air BP |
| June 2015 | Strategic Equity (United Airlines) | $30M | — | United Airlines |
Competitor list is illustrative and may be incomplete, stale, or erroneous.
LanzaJet
Sustainable aviation fuel producer using a proprietary Alcohol-to-Jet (ATJ) process to convert ethanol into SAF and renewable diesel.
Velocys
UK-based waste-to-fuels company developing Fischer-Tropsch reactors and SAF projects, backed by British Airways.
Gevo
Renewable fuels company producing isobutanol and sustainable aviation fuel from low-carbon feedstocks (Nasdaq: GEVO).
Neste
Finnish producer of renewable diesel and SAF and the world's largest commercial SAF producer (HEL: NESTE).
World Energy
US-based producer of sustainable aviation fuel and renewable fuels with the AltAir refinery in Paramount, California.
LanzaTech
Carbon recycling company using gas fermentation to make ethanol and chemicals from waste carbon (Nasdaq: LNZA).
No. Fulcrum BioEnergy is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in Fulcrum BioEnergy shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that Fulcrum BioEnergy will complete an IPO or other liquidity event.
Yes, it is sometimes possible to buy Fulcrum BioEnergy shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.
Buyers interested in buying Fulcrum BioEnergy shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.
Fulcrum BioEnergy's latest disclosed funding round was a Grant (UK Advanced Fuels Fund) round in February 16, 2023. The round raised approximately $24.5M, with UK Department for Transport listed as disclosed lead or major investors. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete.
Fulcrum BioEnergy has raised approximately $84.5M in disclosed funding across 4 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track Fulcrum BioEnergy's funding history alongside private-market activity where available.
Fulcrum BioEnergy's disclosed investors include UK Department for Transport Advanced Fuels Fund. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review Fulcrum BioEnergy's funding history, valuation history, and private-market activity alongside other venture-backed companies.
Fulcrum BioEnergy's most-cited competitors include LanzaJet, Velocys, Gevo, Neste, World Energy and LanzaTech. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.
Secondary-market demand for Fulcrum BioEnergy shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.
Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.
Yes, current and former Fulcrum BioEnergy employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.
A Fulcrum BioEnergy secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify Fulcrum BioEnergy through a share transfer notice or similar process. If Fulcrum BioEnergy or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.
In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.
Buying Fulcrum BioEnergy shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.
Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.
SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.
Before buying Fulcrum BioEnergy shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.
SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.
Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.
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