Biofuel technology developer Cool Planet Energy Systems has raised $19.4 million in the second closing of a Series D financing round, bringing the total amount raised to $60 million.
The funds will reportedly be used to finalize development of the Greenwood Village, Colorado-based company’s first commercial facility—a gasoline plant in Louisiana that will produce high-octane cellulosic gasoline and soil-enhancing biochar from wood biomass. The plant is expected to be operational by the end of 2014.
“While equity markets remain closed to most biofuel businesses, investors are seeing a differentiated opportunity in Cool Planet,” said CEO Howard Janzen. “Our drop-in cellulosic gasoline and biochar technology has global potential.” Investors from Hong Kong, Singapore, the United Arab Emirates, and Mexico participated in the round, joining existing investors, including North Bridge Venture Partners, Shea Ventures, Google Ventures, and Energy Technology Ventures. See Cool Planet Energy Systems News Release, September 17, 2013.