Renewable fuel company Joule recently announced the closing of a $30 million second round of funding, which it says will support high-capacity production of diesel beginning in 2012.
The round includes investments from undisclosed institutional and private sources that joined Flagship Ventures, Joule’s founding venture capital investor.
Joule has developed a technology that it says can directly produce liquid fuel from sunlight and waste carbon dioxide (CO2) using proprietary microorganisms.
The company currently has pilot operations in Leander, Texas, where the production process for its renewable solar fuels, including fungible diesel, will be tested. The new funds will also support developments in genome engineering, bioprocessing and hardware engineering to optimize productivity and generate larger product samples for process verification.
Joule is changing its name from Joule Biotechnologies, Inc. to Joule Unlimited, Inc., effective immediately.
“While biotechnology is core to our approach, our strategic focus is on the end game: widespread replacement of fossil fuels. Our new corporate identity better captures the magnitude of this mission,” the company said in a release.
Joule says its "Helioculture platform" produces hydrocarbon fuels above ground in a direct, single-step, continuous process.
If Joule’s successfully ramps up production of its fuel, it will offer leapfrog advantages over current biofuels. Production will not be limited by land requirements or the need for fresh water and crops. It also will not be dependent on costly biomass intermediates and processing.
The company was founded in 2007 by Flagship Venture Labs. The company is headquartered in Cambridge, Massachusetts.
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