The company plans to use funds to open and operate a biofuel plant in Hobbs, New Mexico
Even though there are several impediments delaying the development of a coal-free society, investors still think that alternative sources have a lot of potential and are trust-worthy enough to become a strong ally in the long term.At this point, Joule, a giant company gaining popularity due to its innovative HelioCulture platform, exploited to obtain a new kind of green product called 'SolarFuel,' has recently added $70 million (€54m) to its budget, making the overall investment reach no less than $110 million (€85m) .
All these funds will be used to back research and further tests conducted at their first facility they plan to open this year in Hobbs, New Mexico , apparently spacious enough to offer '1,000 acres for initial commercial production.'
The main goal is to construct and operate a plants supplying companies with renewable diesel, a product required widely to green up transportation.
According to developers, their Helioculture platform turns sunlight and waste CO2 into a viable source of diesel, commodity chemicals and ethanol without having to depend biomass feedstocks or natural resources.
Moreover, apart from the fact that the production process is definitely eco-friendly, risk-free and reliable, it also requires less land than other methods currently exploited, reducing the rate of so-called 'land grabs,' highly criticized by conservationists.
"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. On the heels of our latest funding round and technology advancement, we're in a very strong position to make it happen as planned,” explained the President and CEO of Joule, William J. Sims.
All in all, the company now benefits from considerable financial support, enabling its representatives to carry on with their future plans of producing a new kind of affordable fuel, competitive with traditional alternatives.