Joule raises $70M for renewable fuel technology
Joule Unlimited is aiming to change the industry with a renewable fule made with sunlight.
Bedford, Mass.-based Joule Unlimited said Tuesday it’s raised $70 million in a third round of funding to help commercialize its method for producing renewable fuels without biomass.
Joule, launched by Cambridge’s Flagship Ventures in 2007, says it has developed a method for creating renewable diesel fuel from bacteria, carbon dioxide, sunlight and water.
Joule said it would use the new funding to build and operate a production facility in Hobbs, N.M., which aims to show how the company's method can scale from hundreds to thousands of acres (the method involves erecting solar converter systems across unused land).
Joule believes its process could ultimately produce 15,000 gallons of diesel per acre per year, at a cost of $20 per barrel with government biofuel subsidies, and $50 per barrel without subsidies. The company has said either price would be well below the market price for ultra-low-sulfur diesel.
The new funding is easily Joule's largest round yet, and brings the company's total fundraising to date to more than $110 million, the company said.
The new funding, described in a news release as a private equity investment, included Flagship and "new and prior undisclosed institutional and private sources."
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