Joule and Red Rock Biofuels to merge

Joule, a liquid fuels from recycled CO₂ solutions provider, and Red Rock Biofuels, a developer of renewable jet and diesel fuel biorefineries, intend to merge.

The transaction is expected to close during the in the next month.

Red Rock Biofuels uses Fischer-Tropsch technology to convert forest and sawmill biomass residues into jet fuel and diesel products.

The company is set to begin construction of its first refinery located in Lakeview, Oregon, US, in early 2016.

The project is supported by a $70 million (€65m) grant from the US departments of Agriculture, Navy, and Energy, and the company has entered into offtake agreements with Southwest Airlines and FedEx for the produced fuel.

In association with the merger, Joule has announced that the company’s president and CEO 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.