Joule Gets $40 Million in Funding Round Led by Flagship VenturesJustin Doom
Joule Unlimited Inc., a closely held biofuel developer, received $40 million in a financing round led by founding investor Flagship Ventures.
The funding, about 85 percent equity and 15 percent debt, will be used to help expand operations at a facility in New Mexico, the Bedford, Massachusetts-based company said Thursday in an e-mailed statement. Joule has raised more than $200 million for its technology that produces fuel and chemicals from sunlight and recycled carbon dioxide.
In addition to expanding its plant in Hobbs, New Mexico, the company in 2017 intends to begin construction on a 1,000-acre (405-hectare) facility that could produce 25 million gallons (95 million liters) of ethanol or 15 million gallons of diesel annually, according to the statement.
Joule’s ethanol fuel moved a step closer to commercial production after studies in the U.S. and Germany showed it can be blended with gasoline, the company said.