Cellulosic biogasoline company Cool Planet completes second close of D Round, raises another $19.4M; $60M total
Cool Planet Energy Systems, a developer of small-scale bio-refineries for the conversion of non-food biomass into high-octane drop-in biofuels and soil enhancing biochar (earlier post), announced the second close of a “D round” equity raise. After closing on more than $29.9 million in June, Cool Planet has 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.
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 biochar from wood biomass.
The round added investors from Hong Kong, Singapore, the United Arab Emirates (UAE), and Mexico to the existing investor base, including North Bridge Venture Partners, Shea Ventures, BP, Google Ventures, Energy Technology Ventures (GE, ConocoPhillips, NRG Energy), and the Constellation division of Exelon.
The new investors are committing to help bring Cool Planet’s drop-in fuel technology to countries around the world, and Cool Planet is actively developing partnerships to commercialize its technology internationally.