Joule Named 2013 New Energy Pioneer by Bloomberg
Joins Global Companies Recognized as Leaders in the Transformation of the Energy Sector
Bedford, MA – April 23, 2013 – Joule today announced its selection as a 2013 Bloomberg New Energy Pioneer, an annual award that recognizes game-changing companies in the field of clean energy. Joule was one of ten companies chosen from among hundreds of applicants, and was recognized yesterday at the Bloomberg New Energy Finance Summit in New York City.
“It is an honor to join this prestigious group of innovators, and to be recognized for delivering an approach to renewable fuel production that circumnavigates today’s biomass-dependent norm,” said William J. Sims, President and CEO of Joule. “We have effectively turned industrial CO2 into the feedstock of choice, leveraging waste streams to produce valuable, fungible fuels at costs that can finally compete with fossil fuels, even without subsidies. By this time next year, we expect to be well into construction of multiple commercial facilities designed to tap abundant waste CO2 and achieve productivity rates well beyond those of biomass-derived biofuels.”
The Bloomberg New Energy Pioneers were assessed against three fundamental criteria: innovation, demonstrated momentum and potential global scale. Judging was undertaken by a panel of industry experts from academia, corporations, utilities, finance and technology incubators. Additional information about the program is available here.
Unlike fuels derived indirectly from algal or agricultural biomass, Joule’s solar platform derives fuels directly from sunlight and waste CO2. The company’s engineered biocatalysts produce ethanol or essential components of diesel, gasoline and jet fuel in a continuous process – free of the feedstock constraints and complex processing that hinder biofuels, and without diverting vital food crops to fuel production. Moreover, the combination of Joule’s optimized biocatalysts and system efficiencies is designed to result in highly-competitive costs and at land productivities up to 100X those of biomass-based approaches. The company is now scaling its process for Joule Sunflow-E (sustainable ethanol) for commercial production in 2015, with its sustainable hydrocarbon products to follow soon thereafter.
Construction of its first commercial facilities is scheduled to begin next year, giving industrial CO2 emitters a new opportunity to profit from their CO2 feedstock by partnering with Joule. The process is amenable to wide-ranging geographic locations, which will allow the localization of fuel production for greater security of energy supply.
About Joule
Joule capitalizes on global abundance of waste CO2 to economically produce renewable fuels and chemicals from sunlight. The company’s Sunflow™ products drop into conventional fuel blendstock in high percentages, displacing more oil than biofuels and allowing seamless adoption. Manufactured without feedstock constraints or complex processing, Sunflow fuels achieve high volumes and low costs with no dependence on subsidies or precious natural resources. Through its subsidiaries, Joule Unlimited Technologies and Joule Fuels, the company advances both technology development and commercial deployment to achieve market impact as soon as 2015. Joule is privately held and has operations in Bedford, Massachusetts; Hobbs, New Mexico; and The Hague, Netherlands.