Joule Appoints Peter Matrai CFO, Biofuels industry veteran brings expertise in commercialization of new technologies

Bedford, Mass -- Joule, the pioneer of liquid fuels from recycled CO2, today announced the appointment of Peter Matrai as Senior Vice President and Chief Financial Officer. He joins the company with nearly 20 years of experience in finance, global strategy and corporate development, including a decade spent in the biofuels sector for BP.

“We are very pleased to welcome Peter, whose expertise in finance and commercial strategy within the biofuel space will be invaluable as we continue on a fast track to industrialization,” said Serge Tchuruk, President and CEO of Joule.

“Joule has a unique opportunity to economically produce sustainable fuels for today’s infrastructure, while creating value from industrial waste carbon dioxide,” said Mr. Matrai. “It is an exciting time to join the company and help take this technology from demonstration to global implementation with potentially industry-changing results.”

Mr. Matrai most recently served as Chief Operating Officer and Chief Financial Officer of Butamax Advanced Biofuels, a joint venture (JV) between BP and DuPont. During his tenure, he led the first commercial-scale deployment of the JV’s new technology at a third-party facility, and the development of a new strategy and technology licensing model. He previously led business development for BP Biofuels in North America, and was a key contributor to the development and implementation of BP’s global biofuel strategy. His additional experience spans the areas of finance, mergers and acquisitions, emerging market investments, asset management, diplomacy and public-private partnerships.

Mr. Matrai holds an MBA from the University of Chicago Booth School of Business, in addition to Master’s degrees in Finance and Economics from the Budapest University of Economics and Université Paris II.

About Joule

Joule has pioneered a CO2-to-fuel production platform, effectively reversing combustion through the use of solar energy. The company’s platform applies engineered catalysts to continuously convert waste CO2 directly into renewable fuels such as ethanol or hydrocarbons for diesel, jet fuel and gasoline. Free of feedstock constraints and complex processing, Joule’s process can achieve unrivaled scalability, volumes and costs without the use of any agricultural land, fresh water or crops. Joule is privately held and has raised over $200 million in funding to date, led by Flagship Ventures. The company operates from Bedford, Massachusetts and The Hague, The Netherlands with production operations in Hobbs, New Mexico. Additional information is available at www.jouleunlimited.com.