Joule, a pioneer of liquid fuels from recycled CO2, and Red Rock Biofuels, a developer of renewable jet and diesel fuel bio-refineries, have announced their intent to merge. Red Rock adds a proven technology pathway to Joules own Helioculture technology and strengthens Joules platform for global supply of carbon neutral fuels. The transaction is expected to close during the coming 30 days and will expand Joule’s carbon neutral fuel production capabilities.
Under the Joule name, Red Rock will launch construction of a project in Lakeview, Oregon in early 2016 that will produce 15 million gallons of jet and diesel fuel. This project is supported by a $70 million grant from the U.S. departments of Agriculture, Navy and Energy, along with agreements from Southwest Airlines and FedEx. Joule will continue operations of its Hobbs, New Mexico demo facility to perfect its process that recycles CO2 and sunlight into liquid fuels.
In association with this merger, after a year of important service at a critical transition phase for the company, Joule (@ also announced that President and CEO, industry veteran Mr. Serge Tchuruk, will return to his previous board role. Dr. Brian Baynes, a current board member of both Joule and Red Rock and partner at Flagship Ventures, will succeed Tchuruk and will lead Joule as it enters a commercial deployment phase.
By merging Red Rock Biofuels with Joule, we intend to accelerate the commercialization of carbon-neutral fuels and continue to build a world leading company, said Tchuruk, outgoing President and CEO of Joule. He added, Joules proprietary platform provides a path towards carbon-neutral mobility and Red Rock Biofuels will add an immediate commercial capability to produce renewable diesel and jet fuel, complementing our unique direct pathway through direct conversion of CO2 to drop-in fuels. I am very proud to have been part of this important transformation of Joule, which will now significantly speed up our commercialization. Red Rocks Lakeview project will continue as planned with its current management team, beginning construction in 2016 and producing at a scale of 15 million gallons of renewable diesel and jet fuel when completed.
Joule is privately held and has raised approximately $200 million in funding to date. The company was founded within Flagship VentureLabs, and operates out of Bedford, Massachusetts and The Hague, The Netherlands, with production operations in Hobbs, New Mexico.
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