Thursday, September 22, 2011
Fulcrum BioEnergy, Backed By USRG and Rustic Canyon, Files For IPO
Fulcrum BioEnergy, a Pleasanton, California-based producer of biofuels from municipal solid waste, filed for an IPO Thursday. Fulcrum's primary backers are two, Southern California venture capital firms, U.S. Renewables Group, and Rustic Canyon Partners. Fulcrum BioEnergy said it is looking to looking to raise up to $115M in its IPO offering, trading as FLCM. The firm has not yet selected an exchange. Fulcrum's IPO is being underwritten by UBS Investment Bank. U.S. Renewables Group (as USRG Management Company) owns 72.7 percent of Fulcrum; Rustic Canyon Partners owns 23.4 percent of the company. Jim McDermott of USRG, the former founder of Stamps.com, Spoke Software, and Archive, sits on th eboard, as does Tom Unterman of Rustic Canyon Partners, Nate Redmond--also of Rustic Canyon--and Timothy Newell, of USRG.