Biofuels producer Joule Unlimited Inc.\u00a0 has raised US$40 million in private equity and venture debt financing to fund the commercialisation of its technology.<\/p>\n
The funding was led by existing investors, including Flagship Ventures, and brings to US$200 million that the company has raised. \u00a0The proceeds will be applied towards a staged industrialization of its patented, reverse-combustion process, including the near-term expansion of Joule\u2019s production field in Hobbs, New Mexico.<\/p>\n
This will lead to the set up of a 1,000-acre plant in 2017, which could potentially convert 150,000 tonnes of waste CO2 into 25 million gallons of ethanol or 15 million gallons of diesel per year \u2013 with no reliance on arable land, crops or fresh water. The phased build-out use Joule\u2019s modular SolarConverter system, which enables the direct, continuous production of fuel from CO2 and sunlight.<\/p>\n
\u201cIn the past six months alone, Joule has achieved rapid progress and impressive results that position the company well for industrialization. This progress will be bolstered by the newly committed funds and the continued support from our shareholders and strategic partners, including Audi,\u201d said Serge Tchuruk, President and CEO of Joule. \u201cJoule\u2019s CO2-recycled fuel is on track to become a real answer for carbon neutrality. It provides a solution which is both practical and economical for global mobility and it can be implemented in the short term.\u201d<\/p>\n
Unlike biofuels derived indirectly from agricultural or algal biomass in a multi-step process, Joule\u2019s fuels are derived directly from sunlight and waste CO2 in a single conversion step. The process uniquely uses engineered catalysts to directly produce ethanol or diesel-range alkanes in a continuous process for many weeks at a time. Joule\u2019s combination of abundant inputs, process efficiency and high productivity will ultimately result in highly competitive costs providing attractive economics in a world with increasing environmental constraints.<\/p>\n","protected":false},"excerpt":{"rendered":"
Biofuels producer Joule Unlimited Inc. has raised US$40 million in private equity and venture debt financing to fund the commercialisation of its technology.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[683,10],"tags":[],"class_list":["post-9524","post","type-post","status-publish","format-standard","hentry","category-deals-finance","category-technology"],"yoast_head":"\n