The $70 million from undisclosed investors will primarily support operations and construction at Joule’s new facility in New Mexico, but Joule spokeswoman Felicia Spagnoli said some of the money will go to the plant in Leander.
“Certainly, some of the proceeds will be applied to research and development in Leander,” Spagnoli said. “There has been quite a bit going on at the Leander site, and there has been some expansion, not to the size of the site itself, but the activity has increased.”
Spagnoli said the 5-acre site in Leander is where technology is perfected. The technology will be implemented at larger sites like the one in New Mexico.
“It’s more like an outdoor laboratory for research, and it’s not built up to the scale of a commercial production,” she said. “There we are testing the organism under various conditions with a goal towards increasing productivity rates. So the Leander site is mainly for testing, whereas the New Mexico site will be designed to resemble what a commercial site will look like.”
Joule uses genetically engineered microrganisms to convert sunlight and waste CO2 into diesel, ethanol and other chemicals. The company said it estimates future commercial sites could generate 40,000 gallons per acre per year of ethanol and diesel with no dependence on natural resources, biomass feedstocks or downstream processing.
Spagnoli said Joule has no intention of downsizing or eliminating the Leander test site, which employs about a dozen people.
“The site in Leander will continue to be an active part of our development and testing,” she said.
Company officials said Joule has raised over $110 million to date to commercialize its technology, which is refined at the plant in Leander.
"Our goal since inception has been to enable large-scale, renewable fuel production at unprecedented costs and volumes in the near term, without the obstacles and slow pace of biofuel progress,” Joule president and CEO William Sims said. “On the heels of our latest funding round and technology advancement, we're in a very strong position to make it happen as planned.”
Joule appointed two executives Jan. 23, including Peter Erich, executive vice president and general manager of commercial operations, and Paul Snaith, head of business development and strategy. Both have experience in the energy industry, global management, product development and sales.
Spagnoli said Erich and Snaith may visit Leander, but both primarily work from Joule's corporate headquarters in Massachusetts.
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