Strong 2015 Places Joule as a Global Leader in Scalable Ultra-Low Carbon Fuel Technologies
Major milestones include acquisition of Red Rock Biofuels, expanded
partner relationships, continued strong technology development backed by
strong financing partners
Joule,
the pioneer of drop-in liquid fuels from recycled CO2,
announced today that it has gained significant traction in the
acceleration and commercialization of environmentally sustainable
ultra-low carbon fuel technologies in 2015. Joule also announced the
formal completion of its acquisition of Red Rock Biofuels, a leading
project development company of renewable jet and diesel fuel based on
waste from biomass or other sources.
Joule has developed groundbreaking pathways for large scale fuel
production directly or indirectly from any CO2 stream. In
2015, Joule produced fuels from its groundbreaking Helioculture™
technology at ever increasing productivity levels at the end-to-end
demonstration facility in Hobbs, New Mexico, and achieved record
breaking productivity levels for both ethanol and diesel products in its
lab facilities in Bedford, Mass. The Helioculture™ technology
essentially converts CO2 back into useful products in
real-time on non-arable land through biocatalysts using only sunlight
and saline water. With 2015 being the warmest year on record, CO2
emissions at record high levels and mobility demand continuing to grow
for liquid fuel based engines, the need for ultra-low carbon fuels is
more evident than ever before. Joule closed out 2015 with major steps
towards commercializing its widely patented process, which points to
broader roll-out of this technology within the end of this decade.
To accelerate the commercialization of ultra-low carbon fuels, Joule
announced the acquisition of Red Rock Biofuels, adding a near-term
commercial capability to produce drop-in, renewable diesel and jet fuel.
The Red Rock technology solution is a novel scaled down version of the
proven Fischer Tropsch process technology that enables conversion of
smaller feedstock volumes to ultra-low carbon fuels. The amount of
available and currently unused biomass residue and municipal waste
streams provide a globally scalable solution for drop–in, ultra-low
carbon, renewable fuel products. In conjunction with this acquisition,
Joule also announced that Flagship Ventures partner Brian Baynes took
over as CEO of the combined entity while industry veteran and former
Joule CEO Serge Tchuruk returned to his former role on Joule’s board.
The combination of the two process technology platforms provides a
unique basis for accelerating the transformation of the growing mobility
sector across the planet into a sustainable sector. Joule represents a
general solution to enable sustainable fuels for combustion engines
within existing infrastructure without the need for replacing large
vehicle parks or massive additional infrastructure investments. Joule
can specifically offer industrial companies and governments rapid and
scalable ultra-low carbon solutions to current emission and waste
problems, ensure security of sustainable fuel supply locally and solve
the emission challenges globally. As an example of this, Joule announced
a partnership with HeidelbergCement, a leading cement and building
materials company with over 2,300 locations worldwide, to explore
application of Joule's technology to mitigate carbon emissions in cement
manufacturing.
Joule furthermore secured $40 million in private equity and venture debt
financing to support the company's growth towards commercialization, and
brought Joule’s total to above $200 million raised to date including
funds raised from the inception of Red Rock Biofuels.
Additional 2015 highlights include:
-
Prestigious Frost & Sullivan Technology Innovation Award for its
ability to recycle waste CO2 into drop-in liquid fuels;
-
Strengthened its patent portfolio, including a patent on its direct,
continuous production of hydrocarbon fuels;
-
Announced that its fuel-grade, Sunflow©-E ethanol
was registered by the U.S. Environmental Protection Agency (EPA) for
commercial use in E10 and E15 gasoline blends; and
-
Participated in COP21, the UN's Climate Change Summit, discussing the
potential of carbon neutral fuels to supply the world's mobility and
transportation needs.
"In 2015, we continued to make great strides towards commercialization
through a strategic acquisition of Red Rock Biofuels, a new partnership
and enhancements to our patented process," said Baynes. "As climate
change was brought to the forefront with COP21, it has become
increasingly clear that the need for this type of scalable and
diversified solution is greater than ever, and we're looking forward to
a busy and successful 2016."
About Joule
Joule develops technology platforms for the
production of sustainable, drop-in, ultra-low carbon transportation
fuels. The company has pioneered a direct CO2-to-fuel production
platform, effectively reversing combustion through the use of solar
energy. This platform applies engineered catalysts to continuously
convert waste CO2 directly into renewable fuels such as
ethanol or hydrocarbons for diesel, jet fuel, and gasoline. The
proprietary, scaled-down microchannel biomass-to-liquid process adds an
indirect CO2 to liquid conversion capability. Flexible to utilize a
variety of feedstocks, geographies, and climates, Joule’s processes
enable unrivaled scalability and volume at ever reducing costs. Joule is
privately held and has raised over $200 million in funding to date, led
by Flagship Ventures. The company operates from Bedford in
Massachusetts, Fort Collins in Colorado, The Hague in The Netherlands
with production operations in Hobbs, New Mexico and in Lakeview, Oregon.
Additional information is available at www.jouleunlimited.com.
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