Joule, a Bedford, MA-based developer of liquid fuels from recycled CO2, closed $40m in private equity and venture debt financing.
The round, which brought total to $200m, was led by existing investors Flagship Ventures.
The company intends to use the funds to support growth towards commercialization. The proceeds will be applied towards a staged industrialization of its patented, reverse-combustion process, including the near-term expansion of the production field in Hobbs, New Mexico. This will lead to the longer-term build-out of a 1,000-acre plant to begin in 2017.
Led by Serge Tchuruk, President and CEO, and Noubar Afeyan, Co-Founder and Chairman (and Senior Managing Partner and CEO of Flagship Ventures), Joule develops a CO2-to-fuel production platform, which effectively reverses combustion through the use of solar energy. The company’s platform applies engineered catalysts to continuously convert waste CO2 directly into renewable fuels such as ethanol or hydrocarbons for diesel, jet fuel and gasoline.