Concord Energy, one of Singapore’s leading crude oil and refined petroleum product trading companies, has signed an agreement with cellulosic biogasoline company Cool Planet Energy Systems (earlier post) 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 has also made a financial investment in the Cool Planet, joining other global investors such as BP, Google Ventures, Energy Technology Ventures (GE, ConocoPhillips, NRG Energy), and the Constellation division of Exelon.
Cool Planet is deploying capital-efficient, small-scale bio refineries, to 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.
Cool Planet’s technology has a broad portfolio of pending and granted patents.