Joule, Red Rock Biofuels announce intent to merge
November 13, 2015
BY Ron Kotrba
Joule, technology developer of liquid fuels from recycled CO2, and Red Rock Biofuels, a developer of renewable jet and diesel fuel biorefineries, announced their intent to merge. The transaction is expected to close by mid-December.
Red Rock Biofuels uses Fischer-Tropsch technology to convert biomass residues from forests and sawmills into jet fuel and diesel products. The company plans to begin construction of its first refinery located in Lakeview, Oregon, next year. The 15 MMgy project is supported by a $70 million grant from the U.S. departments of Agriculture, Navy and Energy, and the company has entered into offtake agreements with Southwest Airlines and FedEx for the fuel that will be produced.
Joule also announced that president and CEO Serge Tchuruk will step down as leader and return to his previous board role. 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.
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