A Camarillo, California-based biofuel startup that is making hydrocarbon fuel from cellulosic plant matter—and then returning the excess carbon to the soil for sequestration— has attracted interest from major industry players in a C round of investment.
Cool Planet BioFuels, Inc. announced on December 29 that BP Technology Ventures has made an investment in the company's C Round, along with follow-on capital infusions by the company's current investors, General Electric, Google Ventures, ConocoPhillips, NRG Energy, and North Bridge Venture Partners. The C Round was led by Shea Ventures of Walnut, California. The amount of funding was not disclosedCool Planet BioFuels is developing bio based renewable, reduced-carbon gasoline that is chemically indistinguishable from a crude-oil-derived product—and that that can be blended with conventional gasoline and used in today's vehicles.
The biofuel company expects to deploy hundreds of relatively low-cost modular plants nationwide in the United States in the next few years, to make effective use of available biomass without incurring high transportation costs. Cool Planet's Energy Systems Division plans to mass produce these plants on a production line basis... Read More
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