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Waste management company that raised $1 billion is on the verge of collapse

Fulcrum BioEnergy, a clean fuels pioneer that has raised more than $1 billion to convert municipal waste into lower-emission fuels for planes and trucks, is in danger of going under.

The company recently laid off nearly all of its roughly 100 employees and shut down most operations, according to more than six former employees. It marks the apparent demise of a company that received funding from a litany of industry giants – including BP, United Airlines, Cathay Pacific and Japan Airlines – and a setback in the push for a clean fuel breakthrough to cut emissions from the aviation industry to decrease.

Fulcrum employees said they were laid off on May 17 and that the company’s website stopped working last week. It is unclear which Fulcrum executives are still employed, but several did not respond to emails and phone messages seeking comment. Nuveen, one of the company’s main backers, declined to comment.

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