Joule Gets $70 Million in Funding for N.M. Biofuel Plant

From bloomberg.com -Joule Unlimited Inc., a closely held biofuel developer, received $70 million in venture funding to support the start of a test plant in New Mexico this summer.  The funds are the third round for a total of $110 million in financing, the company said today in a statement. Founding backer Flagship Ventures participated as well as other investors Joule didn’t identify. Proceeds also will support research and global expansion plans.  The facility in Hobbs will help with testing of the company’s technology from its Massachusetts laboratory and Texas pilot plant.  Joule, based in Bedford, Massachusetts, is developing a process that uses genetically modified photosynthetic microorganisms to make diesel, ethanol and chemicals from sunlight and carbon dioxide.   More News New Mexico

Joule Gets $70 Million in Funding for N.M. Biofuel Plant