Joule raises $30m for sunlight-to-biofuel pilot plant

April 28, 2010

Joule Biotechnologies, the developer of biofuel-producing solar panel systems, has taken a step closer to commercialization with the closing of a $30 million funding round.

The company based in Cambridge, Massachusetts, has been developing a technology it claims could produce renewable biofuels for as little as $30 a barrel – from sunlight and waste carbon dioxide.

Raising fresh funds from undisclosed institutional and private sources, the firm is aiming to move from the testing stage to high-capacity production starting in 2012.

The cash injection will accelerate its efforts, including development of a pilot plant in Leander, Texas, it said.

Joule claims its process could produce up to 15,000 gallons of diesel and 25,000 gallons of ethanol per acre per year at full-scale production.

The technology involves microorganisms growing on solar platforms that resemble green solar panels. The organisms take sunlight and carbon dioxide in the air – photosynthesizing in the same way as any green vegetation – and then secretes biofuels.

The process – called Helioculture – produces renewable diesel fuels in a single-step, continuous process the company says could help cut the use of petroleum-based fuels.

Bill Sims, president and CEO of Joule, said the technology was “commercial-ready”, adding that it could have a rapid scale-up allowing full production to start in 2012.

Mr Sims said: “Propelled by this latest funding round, we intend to execute on an aggressive timeline to market by hitting key proof points that will substantiate the quality of our product and the scale and efficiency of our process.”

As well as helping to complete the company’s pilot plant, the new funding round will also support work on genome engineering, bioprocessing and hardware engineering to optimize the process and produce samples of renewable diesel fuel to validate away from the laboratory.

Name change

Meanwhile, the company is rebranding effective immediately, changing from Joule Biotechnologies to Joule Unlimited, Inc., to reflect its progress moving beyond the research and development stage.

Mr Sims explained: “While biotechnology is core to our approach, our strategic focus is on the end game: widespread replacement of fossil fuels. Our new corporate identity better captures the magnitude of this mission, while also reflecting the virtually unlimited potential of our transformative process.”

Joule said its technology was engineered specifically to overcome the challenges of oil exploration and production, “which involves very high risk, complexity and unpredictability”.

The company said its “Liquid Fuel from the Sun” would be high-quality, avoiding the need for heavy refining of crude oil.

The biofuels would also be produced without need for high land requirements, fresh water or crops, the company said.

Joule was founded in 2007 and is backed by venture capital firm Flagship Venture Labs.