Joule closes $30m funding round
Joule Unlimited Inc., a Cambridge company that looks to mass-produce liquid fuel from the sun, announced the closing of a $30 million second round of funding.
In a press release, the company said it plans to use the money to help it advance "from testing to high-capacity production of renewable diesel fuel starting in 2012. The round includes investments from undisclosed institutional and private sources that joined Flagship Ventures, Joule's founding venture capital investor."
The company added that it is changing its name from Joule Biotechnologies Inc. to Joule Unlimited Inc., effective immediately.
In its release, Joule noted that it has "achieved a solar platform that produces hydrocarbon fuels above ground in a direct, single-step, continuous process. Not only does this avoid costly discovery and extraction, it is a reliable process yielding a higher-quality product that is a direct replacement for diesel, bypassing the heavy refining necessary for crude oil."
Joule was mentioned in a recent Innovation Economy column in the Globe. To read that column, please click here.
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