Fulcrum BioEnergy, Inc., a Pleasanton, California waste-to-fuel company, filed Chapter 11 on September 9, 2024 in Delaware after its Sierra BioFuels Plant near Reno, Nevada shut down in May 2024 due to equipment failure. The company reported over $456 million in obligations to 200+ creditors. Despite raising over $500 million from strategic investors (United Airlines, Cathay Pacific, Japan Airlines, SK Group) and receiving offtake agreements guaranteeing sales of low-carbon sustainable aviation fuel, the Sierra facility—designed to convert municipal waste into synthetic crude oil—experienced severe technical issues including clogging, nitric acid corrosion, and sludge buildup since commencing operations in late 2022. After a parent term loan matured in December 2023 and bond default and acceleration in October 2023, the company lost all funding sources. Switch Ltd. provided a $5 million DIP facility and initiated a 363 sale process that concluded with Switch acquiring the biorefinery for $55 million and Refuse Inc. (WM subsidiary) purchasing the feedstock facility for $3 million. A plan of liquidation was confirmed in April 2025 and became effective May 5, 2025.