Google Ventures, the corporate venturing unit of US-listed search engine Google, has extended the series B round for CoolPlanetBioFuels, a renewable energy company.
CoolPlanetBioFuels had raised $8m in November from venture capital firm North Bridge Venture Partners, which led the round as a repeat investor, and with US-listed conglomerate General Electric’s GE Energy Financial Services division also participating.
Although the size of the extension was undisclosed, a regulatory filing last month said CoolPlanetBioFuels had raised $17.8m and a source close to the deal said it was about $20m in total.
CoolPlanetBiofuel’s technology converts low-grade biomass, such as grass and woodchips, into high-grade fuel. This process also produces a biproduct, which can be used to sequester carbon and act as a soil conditioner and so create a negative carbon fuel.
Wesley Chan, partner at Google Ventures, said: "The company [CoolPlanetBioFuels] has come up with an innovative solution to one of the world’s biggest problems. The technology is a win-win as the company is developing a sustainable and renewable energy source that also helps reduce the amount of carbon in the atmosphere."
Previously, North Bridge invested as part of CoolPlanet’s $3.5m round last year.
Separately, Google Ventures has reportedly invested in more than 20 start-ups compared to 10 in May and has 25 staff, according to news provider SiliconValley.com.
In an interview with the news provider, Bill Maris, managing partner of Google Ventures, said: "I think we have breathed new life into corporate venture."
He added that on deals "we’re happy to go it alone". "Traditionally, corporate venture usually needed or wanted an outside VC along for the ride, which to me always implied a weakness on the team."