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Renewable fuels firm Joule Unlimited has raised $40 million in equity and debt financing from its existing investors, including venture capital firm Flagship Ventures. Joule’s technology converts waste CO2 into liquid fuels using a photosynthetic biocatalyst, water, and micronutrients. The company will use the money to expand its test facility in Hobbs, N.M. According to Joule, a 1,000-acre site can produce 25 million gal of ethanol per year from 150,000 tons of waste CO2.
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