Buzz Article:
Latest Deal Terms for Joule Unlimited, Inc.

by Justin Byers, Business Intelligence Analyst, 7/15/2010

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One of the issues with alternative energy sources is the price and process time it takes to convert some of these sources into other useable forms that will meet today's demands. This week we are going to take a look at a company that has a proven platform that will convert sunlight and waste CO2 directly into clean, fungible diesel fuel.

Joule Unlimited, Inc. (formerly Joule Biotechnologies, Inc.) is headquartered in Cambridge, Massachusetts. As stated on the company's website, "Joule produces clean, infrastructure-compatible fuels directly from sunlight and waste CO2 in a single-step, continuous process that requires no costly biomass intermediates, processing or dependency on precious natural resources." The company received a second round of funding in April 2010 in the amount of $30 MM. Participating in this latest round were Flagship Ventures and undisclosed institutional and private investors.

The Deal Terms of this round were:

• Filing Date: 02/02/2010
• Liquidation Preference for the Current Round: Senior
• Round of Financing: Series B Preferred
• Round Direction: Up
• Multiple of the Liquidation Preference: 1x
• Type of Preferred Stock: Conventional Convertible
• Anti-Dilution Protection: Full Ratchet
• Redemption at Investor's Option: No
• Pay-to-Play Provisions: Yes/ Conversion of Preferred Stock into Common Stock
• Cumulative Dividends: Yes
• Dividend Rate: 7%
• Price Per Share: $2.40
• Total Amount Raised in Current Round: $30 MM
• Post-Money Valuation: Subscribe Today!

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