Cool Planet Energy Systems, a US-based negative carbon fuel developer backed by multiple corporations, has hired two senior executives with Mike Cheiky, the company’s founder and president, moving up to become chairman.
Howard Janzen has joined as executive president from being chief executive at One Communications, where he oversaw the integration of eight regional communications companies.
Michael Bukowski has joined as vice president of fuel production after 14 years at Sunoco where he was latterly vice-president of the mid continent refining complex.
Cool Planet is developing technology to convert any type of cellulosic biomass including agricultural waste and fast growing energy crops into sustainable gasoline.
Late last year, CoolPlanet secured an undisclosed amount of series C funding from investors including British Petroleum’s corporate venturing fund, BP Technology Ventures, as well as energy corporations General Electric (GE) and ConocoPhillips, and corporate venturing fund Google Ventures.
The round was led by Shea Ventures, the venture capital division of property and construction corporation JF Shea, while further participation came from utility NRG (which is also a limited partner with ConocoPhillips and GE in venture capital fund Energy Technology Ventures) and North Bridge Venture Partners.
In February, Cheiky named Constellation Energy as an investor at Google’s Solve for X forum, an internet-based think tank.
Cheiky also said during his talk on CoolPlanet’s N100 fuel that other oil companies were in the pipeline as investors.
According to its SEC filings, CoolPlanet’s series B round raised $17.8m in February last year (though a source put the figure at closer to $20m a month after) while a 2009 series A round fetched $3.5m. Its series C round has been launched a year ahead of schedule due to CoolPlanet’s desire to accelerate the development of its modular fuel production plants.
In November 2010, US-listed conglomerate General Electric has joined a consortium investing $8m in CoolPlanetBioFuels, a renewable energy company.
Venture capital firm North Bridge Venture Partners led the round as a repeat investor with GE Energy Financial Services also participating.