Joule Gets $40 Million in Funding Round Led by Flagship Ventures

(Bloomberg) — 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.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada, Tina Davis

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