SK Innovation invests $20 million in US biofuels company

SEOUL, July 13 (Yonhap) — South Korean refiner SK Innovation Co. announced on Wednesday that it has invested $20 million in a U.S. biofuels company as it accelerates its transition to green energy ventures .

Equity investment in Fulcrum BioEnergy Inc., a California-based producer of low-carbon fuels, represents further support from SK, South Korea’s No. 2 conglomerate, as SK’s holding company made an investment combined $50 million deal with a local private equity firm in December last year.

Details on how much stock or how much equity SK Innovation held in Fulcrum were not disclosed.

SK Innovation said it will work with Fulcrum to explore Asian markets with biofuel energy, specifically converting waste to fuel by gasifying waste from landfills to produce low-carbon transportation fuels.

In the waste gasification process, waste is heated in a low oxygen environment to produce syngas – a mixture of hydrogen and carbon monoxide – and the syngas is then processed into high-value products. , such as synthetic crude oil. Synthetic crude oil can be refined into sustainable jet fuel.

Fulcrum commercializes for the first time in the United States a process for the production of synthetic crude oil from household waste. It has proprietary refining technology to gasify waste and produce synthetic crude oil.

Fulcrum began operations at its commercial-scale biofuels plant in Nevada with an annual capacity of 11 million gallons per year.

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