A ROTTEN BUSINESS Fulcrum BioEnergy turns organic waste—like these long-past-their-sell-by-date oranges that now host various other life forms—into jet fuel.

A common thread runs through the history of the waste-to-energy business: Investors get the sequence wrong. Entrepreneurs’ energy gets expended, and capital is converted to waste. Fulcrum BioEnergy took a different tack, by spending $100 million, and a decade, figuring out exactly what works best. In 2019, it will be gathering municipal

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