Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Here is the official press release:
https://www.businesswire.com/news/home/20220214005150/en/
It looks like Red Rock Biofuels - which has Velocys FT inside - will have a restart after almost one year of inactivity.
https://www.biofuelsdigest.com/bdigest/2022/02/14/red-rock-biofuels-seeking-new-development-partner/
And there is also the Louisiana Green Fuels project which was announced last year. It will be built Columbia, Lousiana with a planned capacity of 32M gpy.
Have a look at the map and you will see that the three projects are "neighbours"...Bon Wier, TX, Columbia, LA, and Natchez, MS. It will interesting to see who will secure funding first.
By the way, the Louisiana Green Fuels is Strategic Biofuels' first project. Note that the Strategic Biofuels' CEO is Paul Schubert, Velocys former COO.
LanzaJet and Marquis SAF signed an MOU to construct a 120M gallons/year SAF plant close to O'Hare. www.lanzajet.com/lanzajet-and-marquis-sustainable-aviation-fuel-saf-partner-to-build-an-integrated-sustainable-fuels-plant-in-illinois/
120M/yr is huge when compared to Velocys' projects:
- Bayou Fuels: 35M gpy
- Altalto: 20M gpy
mrozzy: let's set the record straight. The grant is to finish construction of the Belwood levee which is a conditio sine qua none to make the Bayou Fuels site feasible. Without the levee, this site is prone to flooding by the Mississippi and not suited to build a chemical plant.
Even more confusing is the fact that they now want to hire a Director of Catalysis while they just hired a Vice President, Catalysis.
jono: the documents you quoted are published after the June 2021 placing document. However, if you go back what was said about Altalto prior to June 2021 you find in the Placing Circular of June 26, 2020 the following: "The second quarter of 2021 is the targeted date for the commitment to be made for full FEED. Construction of the plant is targeted to commence in 2022 and is currently targeted to be completed by the end of 2024, following commissioning and commercial operations are expected to commence during 2025."
You found this in the "Proposed Placing and Offer" document dd 25-Nov-21:
...Financial close is expected in 2024,...and startup will commence in 2027 with full scale commercial operation expected in 2027.
Rahman: not many companies convert MSW to SAF, but the few which do, like Fulcrum are way ahead. Fulcrum’s Sierra plant is starting up.
Since there are many newcomers on this board since the announcements of the offtake agreements, this article is interesting background on Red Rock Biofuels which uses the Velocys FT technology and which also has offtake agreements with FedEx in 2015 and Southwest in 2014. The plant is probably more than 90% complete but Red Rock lacks the funds to complete it.
https://www.biofuelwatch.org.uk/2021/the-curious-case-of-red-rock-biofuels/
A good read on how the competition is tackling the SAF issue: https://www.forbes.com/sites/erikkobayashisolomon/2021/11/10/lanzatech-radically-rethinking-industrial-business-models/?sh=6c5a41736b01
Take off agreements were long overdue. Here are Fulcrum's take off agreement and pay attention to the dates:
Announced on August 7, 2014: Cathay Pacific has also negotiated a long-term supply agreement with Fulcrum for an initial 375 million US gallons of sustainable aviation fuel over 10 years.
Announced on June 30, 2015: United will also have the opportunity to purchase 90 million gallons per year of Fulcrum’s cost-competitive,sustainable jet fuel under long-term offtake agreements, subject to availability.
Announced on November 7, 2016: Fulcrum and Air BP, the aviation division of BP, have also agreed to terms on a 500-million gallon jet fuel offtake agreement that will provide Air BP with 50 million gallons per year of low-carbon, drop-in jet fuel.
Announced on September 20, 2018: Fulcrum BioEnergy, Inc. announced today the closing of a strategic partnership with a consortium led by Marubeni Corporation which also includes Japan Airlines Co. Ltd (JAL), and ... The strategic partnership includes an international project development agreement, project license agreement, jet fuel offtake agreement, and an equity investment in Fulcrum.
Let’s stop exchanging non-productive barbs and focus on putting pressure on the company to communicate more to the shareholders. We should put pressure on the CEO and the board by sending emails, sms, tweets etc to force this issue. As I posted in the past, the company should go back and publish again a quarterly email as they did until February 2018. It was called "Velocys SpeedRead Newsletter."
Happyhunting: related to Ventech...nothing to do??
Here is an extract from a Oxford Catalyst press release dated April 10, 2013:
In November 2012, Oxford Catalysts and Ventech announced that they had entered into a series of agreements whereby the Group became Ventech’s preferred supplier of FT technology in North America, and Ventech was granted non-exclusive assured access to design, sell and deliver GTL plants incorporating the Group’s FT product to customers in North America. In collaboration with the Group, Ventech has developed the design for a fully integrated, shop fabricated, modular GTL plant.
Thurgaton: one correction: Red Rock has not proven anything yet. The construction is incomplete and halted because of lack of funds.
Here is an update on the other Fulcrum plant, called the Centerpoint Biofuels, under development. This provides a good idea at which stage this one is: http://www.gary411news.com/news-detail.aspx?typeID=1&newsID=55544.
You can spin it anyway you want but the key issue for a fledgling company as Velocys is the cash burn rate. Fortunately there is improvement but not enough.
Here is a brand new competitor with major funding from United Airlines and Honeywell: here is the press release.
https://www.prnewswire.com/news-releases/united-honeywell-invest-in-new-clean-tech-venture-from-alder-fuels-powering-biggest-sustainable-fuel-agreement-in-aviation-history-301371944.html
Alder Fuels' technology is not divulged on their website but their nameplate is identical to the Velocys one: "Alder Fuels, LLC is a process technology and project development company in the advanced, low-carbon transportation fuels industry."
Velocys just posted this note on its website: https://www.velocys.com/2021/09/10/white-house-commits-saf-pledge/
I contained a major error. It says: "Velocys plans to produce 300 million gallons of blended SAF per year from waste woody biomass and MSW [municipal solid waste] processed by Fischer-Tropsch processing." Bayou Fuels is supposed to produce 25 million and Altalto 20 million gallons. That the White House made a mistake is understandable but that Velocys publishes this on their website is unacceptable.
The $1.5 billion number is wrong. Velocys should set the record straight quickly.