, a Cambridge, MA-based developer of a platform that converts sunlight and waste CO2 directly into liquid fuels, closed a $30m second round of funding,
Flagship Ventures, Joule’s founding venture capital investor, was joined in the round by undisclosed institutional and private investors.
The proceeds from this latest investment will help the company accelerate the drive of renewable solar fuels from lab to commercialization.
In particular, the funds will enable Joule to advance in a number of areas, including its pilot operations now underway in Leander, Texas, where the production process for its renewable solar fuels, including fungible diesel, will be tested.
The capital will also support key developments in genome engineering, bioprocessing and hardware engineering to optimize productivity and generate product samples in quantities that will fully validate Joule’s process beyond the lab.
In conjunction with the financing, the company is also implementing a corporate name transition from Joule Biotechnologies, Inc. to Joule Unlimited, Inc., effective immediately.