‘Immediate Commercial Capability to Produce Renewable Diesel and Jet Fuel’
New England’s Joule, which says it’s “the pioneer of liquid fuels from recycled carbon dioxide,” and Colorado’s Red Rock Biofuels, a developer of renewable jet and diesel fuel bio-refineries, have announced their intent to merge.
“Red Rock adds a proven technology pathway to Joule’s own Helioculture technology and strengthens Joule’s platform for global supply of carbon neutral fuels,” states a Joule release.
“By merging Red Rock Biofuels with Joule, we intend to accelerate the commercialization of carbon-neutral fuels,” outgoing Joule president and CEO Serge Tchuruk says in the merger announcement.
‘A Path Towards Carbon-Neutral Mobility’
“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,” he said.
According to the announcement, 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.
FedEx and Southwest Jets
“The company is poised to begin construction of its first refinery located in Lakeview, Oregon in early 2016,” the release states. “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” (F&F, July 24).
“The Red Rock platform will increase project opportunities worldwide,” said incoming Joule president and CEO Brian Baynes.
The transaction is expected to close in December.
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Source: Joule and Red Rock Biofuels with Fleets & Fuels follow-up