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   As part of its ongoing effort to extract value from waste materials, Waste Management, Inc. (Houston, TX) has made a strategic equity investment in Fulcrum BioEnergy, Inc. (Pleasanton, CA), developer of a thermochemical gasification technology for converting municipal solid waste (MSW) into advanced biofuels. As part of the investment, Waste Management has agreed to secure a loan facility to support funding of up to $70 million for the development of Fulcrum’s Sierra BioFuels plant near Reno, Nevada. Fulcrum said that Waste Management’s investment will allow it to expand its national development program, which includes projects with the total capacity to produce more than one billion gallons of fuel annually. “The loan facility provides us with additional value as a backup source of debt capital in the event we are not able to finalize a federal loan guarantee that we are pursuing,” said Eric Pryor, vice president and CFO of Fulcrum BioEnergy.