Cool Planet Energy Systems, a company that runs small scale bio refineries to convert non-food biomass into high-octane, drop-in biofuels, has signed an agreement with Concord Energy to establish a joint-venture in the Asia Pacific Region. The JV will develop commercial production facilities for the conversion of non-food biomass into biofuels and soil enhancing biochar.
Concord Energy is one of Singapore’s largest crude oil and refined petroleum product trading companies, with businesses in Asia, Middle East, Europe, North and West Africa.
The news of the JV comes soon after Cool Planet’s completion of a second close on a $49.3m series D round in September of this year. Google Ventures, the corporate venturing unit of the eponymous search engine company, and GE’s venturing unit, Energy Technology Ventures, are among its international corporate investor base.
The plant, which will be in Alexandria, Louisiana, is on schedule to be completed by the end of next year. The company uses a chemical-mechanical process to convert non-food biomass into fuel, and it plans to build 30 manufacturing units within three years to make gasoline.
The company’s business plan includes the construction of multi-hundreds of plants in the U.S. and significantly more globally. Senior management have said that they are confident that they will have adequate capital to see that business plan through.
According to a spokesman, Cool Planet has raised or received commitments on more than $60m in debt that will be converted to equity.
The biofuel developer in June raised $29.9 million from investors including Google Inc., General Electric Co., BP Plc, ConocoPhillips, NRG Energy Inc. and Exelon Corp. The company is looking to raise $100m by the end of the year.