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Cool Planet and Acritaz Greentech to build $60M commercial biorefinery in Malaysia
2 October 2013
Cool Planet Energy Systems, a developer of small-scale bio refineries for the conversion of non-food biomass into drop-in biofuels and soil enhancing biochar (earlier post), and Acritaz Greentech, a group of companies that bring biomass processing and bio-technology innovation to plantations, signed an agreement to explore the building of multiple commercial biorefineries in Malaysia.
The plan is to begin construction on the first plant in 2014. Acritaz will work with Cool Planet to use biomass raw materials local to the region that include palm plantation waste products such as empty fruit bunches, wood, and bark waste to make renewable, cellulosic fuels for the Asian market.
Acritaz will work to commit $60 million to the first facility before the end of 2013. The first commercial facility is planned to be located in the Malaysian state of Johor. Acritaz and Cool Planet will then work to build multiple facilities across Malaysia, with Acritaz purchasing proprietary equipment and consumables from Cool Planet in the construction and operation of the facilities.
Acritaz and Cool planet will develop a plant design that satisfies the specific needs of Malaysia, including feedstock selection, biochar production, and specification of the final fuel.
Cool Planet is deploying capital-efficient, small-scale biorefineries to economically convert non-food biomass into high-octane, drop-in biofuels. The process also generates value through biochar production, which can be returned to the soil, enabling fertilizer and water retention for increased crop productivity, and more robust plant health.
In September, Cool Planet announced the second close of a “D round” equity raise. After closing on more than $29.9 million in June, Cool Planet added another $19.4 million in this closing. This brings the total amount raised and committed to more than $60 million, including the remaining commitments from existing investors.
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