Joule And Red Rock Biofuels Announce Intent To Merge

Joule, the pioneer of liquid fuels from recycled CO2, and Red Rock Biofuels, a leading developer of renewable jet and diesel fuel bio-refineries, today 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. The transaction is […]

Joule, the pioneer of liquid fuels from recycled CO2, and Red Rock Biofuels, a leading developer of renewable jet and diesel fuel bio-refineries, today 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. The transaction is expected to close during the coming 30 days.

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.”

From Business Wire: http://www.businesswire.com/news/home/20151112006421/en/Joule-Red-Rock-Biofuels-Announce-Intent-Merge

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