Cool Planet Energy Systems, a US-based developer of green fuel technology, has closed a $100m series D round led by Singapore-based petroleum producer Concord Energy and venture capital firm North Bridge Venture Partners.
The two were joined by Google Ventures, the corporate venturing arm of internet company Google, as well as the Constellation division of energy company Exelon, petroleum company BP and Energy Technology Ventures, the fund formed by GE, ConocoPhillips and NRG Energy.
UBS and Goldman Sachs led a private placement to undisclosed new investors to complete the round after Cool Planet reached a $49m second close in September 2013. Cool Planet said more than 50% of the equity funding from new investors came from outside the US, and SEC filings indicate that the company has now raised more than $121m.
Cool Planet’s biochar-based technology increases the productivity of green energy crops that are chemically identical to fossil fuels. It broke ground on a 10-million gallon biofuel facility in Louisiana in late February that will host its first commercial renewable fuel and biochar production.
“We are very pleased with the strong interest and support from investors that enabled us to reach our $100 million funding objective,” said Cool Planet CEO Howard Janzen. “A significant number of new international investors with both a financial and strategic interest came into the financing. We are seeing strong interest in deploying our technology in markets such as China, Southeast Asia and the Middle East.”
“We’re delighted that the D round financing was so successful,” added John Stuart, CEO of Concord Energy’s Asset Group. “We are a strategic investor and believe strongly in Cool Planet’s disruptive technology and business plan. This funding will accelerate the company’s entry into Asia and the global market. We’re excited to help bring Cool Planet’s advanced products to the international arena and believe the company has the potential to change the calculus in energy, agriculture and water management.”