Joule, the pioneer of liquid fuels from recycled CO2, today announced the closing of $40m in private equity and venture debt financing, supporting the company’s growth towards commercialization.
The round was led by existing investors, including Flagship Ventures, and brings the company’s total to $200m raised to date.
The proceeds will be applied towards a staged industrialization of its patented, reverse-combustion process, including the near-term expansion of Joule’s 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.
In an optimal location, a plant of this size has the potential to convert 150,000 tons of waste CO2 into 25 million gallons of ethanol or 15 million gallons of diesel per year – with no reliance on arable land, crops or fresh water.
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