Joule Biotechnologies, a Cambridge, Mass.-based ethanol developer, has closed $30 million in a second round of funding from a group of undisclosed institutional and private investors.
Joule plans to use the cash to expand a pilot plant in Leander, Texas. That plant is 25,000 gallons of ethanol per acre per year and 15,000 gallons of diesel per acre per year. The funds will also support ongoing research and development work. Joule is developing proprietary microorganisms that (at least on paper and in the lab) turn photons, water, and C02 directly into ethanol fuels — see the diagram below.
In a prepared statement Bill Sims, Joule president and CEO, 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.
Separately, the company also announced that it was changing its name from Joule Biotechnologies to Joule Unlimited — see full press release.