CoolPlanetBiofuels Gets Series B Funding from Google Ventures

Google Ventures has made an undisclosed Series B investment in CoolPlanetBiofuels. The Camarillo, Calif.-based company previously raised $8 million in a round led by North Bridge Venture Partners with participation from GE Energy Financial Services.

CoolPlanetBiofuel’s technology converts low-grade biomass — such as grass and woodchips — into high-grade fuel. This process also produces a bi-product, which can be used to sequester carbon and act as a soil conditioner. This makes the CoolPlanetBioFuels product a negative carbon fuel.

“The company has come up with an innovative solution to one of the world’s biggest problems,” said Wesley Chan, partner at Google Ventures. “The technology is a win-win as the company is developing a sustainable and renewable energy source that also helps reduce the amount of carbon in the atmosphere.”

The company’s approach toward converting biomass to high-quality fuel will accelerate the development and deployment of biofuels. Also, CoolPlanetBiofuels’ feedstock is available and plentiful, and has no impact on the food supply. The recent run up in gasoline prices underscores the importance of developing an alternative to fossil fuels. CoolPlanet operates at an interesting intersection of technical problem and business innovation attacking a large problem. That nexus is of particular interest to Google Ventures.

“We are very pleased to complete this financing with a high-caliber partner known for its tremendous support in helping companies grow,” said Mike Cheiky, CoolPlanetBiofuels President and Chief Executive Officer. “While we have made significant progress over the past couple of years, this new infusion of capital, coupled with the expertise of the Google Ventures team, enables our team to scale even faster.”

USA, Mountain View, CA & Camarillo, CA

Related links:

%d bloggers like this: