|Fulcrum Demonstration Plant|
With the supply chain secured the only element missing is capital to pay for the Nevada plant. Fulcrum claimed funding commitments long before its processes were successfully demonstrated. In August 2012, the U.S. Department of Agriculture bestowed a conditional commitment for $105 million in loan guarantees for Fulcrum’s commercial pant. Then in November 2012, the company announced it had collected $175 million in commitments for construction financing. Fulcrum management was so pleased with its success at that time that it began discussing the possibility of an initial public offering. The company had filed a registration statement for an IPO in late 2011, but had to withdraw as market conditions turned inhospitable.