The company claims it has developed a method of producing large amounts of cheap liquid hydrocarbon fuel using a "proprietary organism" and freely available inputs like the evil carbon dioxide and water.
Neil Reynolds describes the company in a Globe and Mail column this week. Time magazine recently touted the company as one of its Top 20 Green Tech Ideas of 2010.
Joule Unlimited claims that it uses artificial photosynthesis that it can scale-up to produce large amounts of "fungible diesel fuel" for around $30US per barrel equivalent. Their technique does not use expensive biomass inputs to produce biofuels, such as is done with corn to make ethanol.
Joule Unlimited expects to begin commercial production in 2012. In the meantime I would put off purchasing that hybrid or electric car, the future is impossible to predict.