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Venture Capital News: Joule Raises $50M in Additional Capital

BEDFORD, MA, Firm advancing a technology platform for Liquid Fuel from the Sun raised $50M along with a change in CEO.
Joule, the leader in direct CO2-to-fuels solar conversion technology, today announced changes in executive leadership. After four years of leading Joule's early development as CEO, William J. Sims will step out of his management role but will remain a member of the company's board. Noubar Afeyan, co-founder and Chairman, is assuming the role of interim-CEO while Paul Snaith, who joined the company in 2012, will be promoted to President and COO of Joule.

'Bill joined Joule shortly after its founding as a board member, then took on the role of CEO to lead its evolution from a startup into a leading technology developer within the renewable fuels space,' said Dr. Afeyan. 'Under Bill's leadership, Joule has reached many value-enhancing milestones, and we thank him for his service and look forward to his continued contributions as a board member.' Dr. Afeyan added, 'As the company enters a new phase of demonstration and deployment bolstered by $50 million in newly committed capital, I look forward to working closely with Paul Snaith as we commence Joule's transition from late-stage development to global production of renewable fuels and chemicals.'

'It has been an exciting and rewarding challenge to lead Joule from a stealthy biotech startup to an emerging leader in the race to deliver cost-competitive, scalable alternatives to fossil fuel,' said Mr. Sims. 'We have achieved tremendous advances in just six years - from lab-scale breakthroughs to patents, partnerships, and a demonstration plant that will form the blueprint for Joule's commercial activities moving forward. With this strong foundation in place, it is an ideal time to hand over the day-to-day leadership, while continuing to provide strategic guidance in my original role among the board of directors.'

'Joule has developed a one-of-a-kind platform with rapid progress and impressive results, thanks to a strong team inside the company and a network of supporters,' said Dr. Snaith. 'We have a clear goal to implement this platform globally, backed by select, strategic partnerships and on-going advances in our technology to deliver a significant and exciting new business.'

Dr. Snaith joined Joule in January 2012 to lead business development and strategy, and later took on the role of Chief Business Officer. He previously spent 24 years at Shell in multiple roles, including Vice President of Downstream Marketing for Shell Global Solutions and Managing Director of Shell Research, Ltd., during which time he led the technology strategy for Shell's biofuels business.

About Joule
Joule is advancing a technology platform for Liquid Fuel from the Sun™, expected to eclipse the scale, productivity and cost efficiency of any known alternative to fossil fuel today. Its transformative Helioculture™ platform can directly and continuously convert sunlight and waste CO2 to infrastructure-ready diesel, ethanol or commodity chemicals with no dependence on biomass feedstocks, downstream processing or precious natural resources. Joule has successfully pilot-tested its platform for over two years and initiated operations at its SunSprings™ demonstration plant. Joule is privately held and has raised over $160 million in funding to date. The company is headquartered in Bedford, Massachusetts with operations in Leander, Texas; Hobbs, New Mexico; and The Hague, Netherlands. Additional information is available at
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