Cool Planet Energy Systems, a US-based biofuel developer backed by the corporate venturing units of General Electric, Google Ventures, BP, ConocoPhilips, NRG and the Constellation Energy division of Exelon, has raised $29.9m of an anticipated $100m series D financing. All existing investors participated in the D round, together with new investors.
The funding will support the commercialization of the company’s first fuel production facility.
Howard Janzen, Cool Planet’s chief executive officer, said: “We continue to lay the foundation to deliver on our objectives of producing renewable transportation fuels, a cleaner environment, and the improvement of agriculture.”
In December 2011, Shea Ventures led an undisclosed series C round with participation from BP Technology Ventures, and existing investors General Electric, Google Ventures, ConocoPhillips, NRG and venture capital firm North Bridge Venture Partners.
In November 2010, North Bridge Venture Partners led a B round of $8m as a repeat investor, with GE Energy Financial Services also participating.