Joule, which produces liquid fuels from recycled CO2, and Red Rock Biofuels, a developer of renewable jet and diesel fuel bio-refineries, have agreed to merge.
Financial details were not disclosed. Both companies are backed by Flagship Ventures. Red Rock will add “a proven technology pathway to Joule’s own Helioculture technology and strengthens Joule’s platform for global supply of carbon neutral fuels,” a statement from Joule said.
The transaction is expected to close during the coming 30 days. “By merging Red Rock Biofuels with Joule, we intend to accelerate the commercialization of carbon-neutral fuels and continue to build a world leading company,” said Serge Tchuruk, outgoing President and CEO of Joule.
“Joule’s proprietary platform provides a path towards carbon-neutral mobility and Red Rock Biofuels will add an immediate commercial capability to produce renewable diesel and jet fuel, complementing our unique direct pathway through direct conversion of CO2 to drop-in fuels.
“Red Rock’s Lakeview project will continue as planned with its current management team, beginning construction in 2016 and producing at a scale of 15 million gallons of renewable diesel and jet fuel when completed.”