Joule, Red Rock Biofuels to Merge

John Davis

joule logoCO2 liquid fuels pioneer Joule will merge with biofuel refinery maker Red Rock Biofuels. This news release from Joule says the merger will help them create an industry-leading carbon-neutral fuel production platform.

In association with this merger, after a year of important service at a critical transition phase for the company, Joule also announced that President and CEO, industry veteran Mr. Serge Tchuruk, will return to his previous board role. Dr. Brian Baynes, a current board member of both Joule and Red Rock and partner at Flagship Ventures, will succeed Tchuruk and will lead Joule as it enters a commercial deployment phase.

Red Rock Biofuels leverages a commercially proven Fischer-Tropsch technology to convert sustainably harvested biomass residues from forests and sawmills into jet fuel and diesel products. The company is poised to begin construction of its first refinery located in Lakeview, Oregon in early 2016. The project is supported by a $70 million grant from the U.S. departments of Agriculture, Navy and Energy, and the company has entered into substantial offtake agreements with Southwest Airlines and FedEx for the fuel that will be produced.

“By merging Red Rock Biofuels with Joule, we intend to accelerate the commercialization of carbon-neutral fuels and continue to build a world leading company,” said Tchuruk, outgoing President and CEO of Joule. He added, “Joule’s proprietary platform provides a path towards carbon-neutral mobility and Red Rock Biofuels will add an immediate commercial capability to produce renewable diesel and jet fuel, complementing our unique direct pathway through direct conversion of CO2 to drop-in fuels. I am very proud to have been part of this important transformation of Joule, which will now significantly speed up our commercialization. Red Rock’s Lakeview project will continue as planned with its current management team, beginning construction in 2016 and producing at a scale of 15 million gallons of renewable diesel and jet fuel when completed.”

“The world’s need for low carbon transportation fuels has never been greater. Having worked closely with both Joule and Red Rock, I am very pleased to be able to combine Red Rock’s near-term, commercial supply of drop-in low carbon fuels, with Joule’s novel and highly scalable low carbon fuel production platform,” said Baynes, incoming President and CEO. ”The Red Rock team also adds significant strength in project development and operations to Joule’s R&D expertise. We are seeing continued acceleration of our direct CO2 to fuel technology development, and the Red Rock platform will increase project opportunities worldwide.”

advance biofuels, Carbon Dioxide