FOLSOM, CA, November 17, 2010 - Waste Connections, Inc. (NYSE: WCN) today announced that in conjunction with Fulcrum BioEnergy, Inc.'s entering into the final stage of financing for its Sierra BioFuels Plant, Waste Connections has entered into a strategic partnership with Fulcrum to supply municipal solid waste as feedstock for the project from its waste processing facility in El Dorado County, CA. Yesterday, the U.S. Department of Energy ("DOE") selected Fulcrum's Sierra BioFuels Plant to enter the final phase of DOE's Loan Guarantee Program. Fulcrum has received a detailed indicative term sheet from DOE and has begun the negotiation process to advance the loan towards closure and funding.
The Sierra BioFuels Plant will be located approximately 20 miles east of Reno, Nevada, and is designed to produce approximately 10.5 million gallons of ethanol annually and generate 16 megawatts of renewable electricity by processing post-sorted municipal solid waste - household garbage. Targeted to commence operations in late 2012, the project is intended to decrease our nation's dependence on foreign oil, reduce greenhouse gas emissions, and stimulate economic growth in northern Nevada by creating more than 50 full-time and 450 temporary green jobs.
"Our partnership with Fulcrum is a continuation of our efforts to evaluate and integrate emerging technologies into our waste handling and disposal operations. We believe that Fulcrum is at the cutting edge of an emerging breed of new technologies," said Ronald J. Mittelstaedt, Chairman and Chief Executive Officer. "Converting El Dorado County's solid waste to biofuel will dramatically increase El Dorado County's recycling rates and compliance with California's AB 939 requirements for the foreseeable future."
About Waste Connections
Waste Connections, Inc. is an integrated solid waste services company that provides solid waste collection, transfer, disposal and recycling services in mostly secondary markets in the Western and Southern U.S. The Company serves approximately two million residential, commercial and industrial customers from a network of operations in 27 states. The Company also provides intermodal services for the movement of containers in the Pacific Northwest. Waste Connections, Inc. was founded in September 1997 and is headquartered in Folsom, California. For more information, visit the Waste Connections web site atwww.wasteconnections.com.
About Fulcrum BioEnergy
Based in Pleasanton, California, Fulcrum BioEnergy is emerging as a leader in the development of next-generation cellulosic ethanol production in the United States. The privately-held company focuses on developing, owning and operating efficient, environmentally responsible facilities that convert municipal solid waste and other waste products to a much needed low-cost, reliable and environmentally clean renewable transportation fuel. Fulcrum BioEnergy is on track to become one of the first companies to commercially produce cellulosic ethanol from municipal solid waste, creating a reliable, domestic source of renewable fuel, reducing the nation's dependence on foreign oil, lowering greenhouse gas emissions and preserving valuable disposal capacity at existing and future landfills. For more information, please visit www.fulcrum-bioenergy.com
Information Regarding Forward-Looking Statements
Certain statements contained in this release are forward-looking in nature, including statements related to the financing, completion and operational performance of the proposed plant. These statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward‑looking statements. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent quarterly filings on Form 10-Q. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.
Waste Connections, Inc.
Worthing Jackman, (916) 608-8266
Fulcrum BioEnergy, Inc.
Rick Barraza, (925) 224-8244
Vice President of Administration