Cool Planet, a soil amendment technology developer backed by internet and technology group Alphabet, petroleum supplier BP and property developer Shea, has secured $20.3m in series A funding and note conversion.
Venture capital firm North Bridge Venture Partners and private investor Agustín Coppel co-led the tranche, which will be added to the $19.3m in financing the company closed in March 2017. The first close was co-led by the same two investors.
Founded in 2009, Cool Planet has developed a process that can convert biomass to engineered biocarbon which can be used as fuel.
The company has now disclosed a total of $170m in funding, including a $100m series D round in 2014 co-led by petroleum producer Concord Energy, though it only lists North Bridge, BP, Shea and Alphabet unit GV as investors on its website.
North Bridge Venture Partners co-led the 2014 round, which included BP and GV as well as energy company Exelon’s Constellation subsidiary and Energy Technology Ventures, the fund backed by corporates General Electric, ConocoPhillips and NRG Energy.
Cool Planet had previously raised an undisclosed amount in a series C round led by Shea Ventures, JF Shea’s corporate VC unit, and backed by GV, North Bridge and Energy Technology Ventures in late 2011.