Cool Planet Energy Systems, a US-based biofuel developer which is backed by the corporate venturing units of General Electric, Google Ventures, BP, ConocoPhilips, NRG and the Constellation Energy division of Exelon, has raised a further $19.4m in its anticipated $100m series D financing, adding to the $29.9m tranche already closed in June.
The round included unspecified investors from Hong Kong, Singapore, the United Arab Emirates and Mexico
Cool Planet will use a portion of the funding to finalize the engineering design for its first commercial facility, and to provide capital for its construction.
Howard Janzen, Cool Planet chief executive officer, said: “While equity markets remain closed to most biofuel businesses, investors are seeing a differentiated opportunity in Cool Planet. Our drop-in cellulosic gasoline and biochar technology has global potential.”
Cool Planet will use a portion of the equity raise to finalize engineering design for the company’s first commercial facility. This work will be supported by leading international engineering firm, URS Corporation, as the company recently announced. The funding will also provide capital to construct Cool Planet’s first commercial plant, which will be located at the Port of Alexandria, Louisiana. The company expects the facility to be in operation before the end of 2014, producing high-octane cellulosic gasoline and soil enhancing biochar from wood biomass.
Barry Rowan, chief financial officer of Cool Planet, said: “This funding, combined with the strong ongoing commitments from our current investors, keeps us squarely on our path to commercialization.”