Cool Planet Energy Systems Raises $19.4M More For Biofuels Effort

Cool Planet Energy Systems, which is developing technology to convert biomass into biofuels in a carbon-neutral way, said Tuesday that it has raised $19.4M in funding, bringing its total Series D funding to over $60M. The company--which was started in Camarillo, but has recently shifted its headquarters to Colorado--said the funding will go towards the engineering design for its first, commercial facility. Cool Planet Energy's technology converts cellulosic biomass into gasoline, along with "biochar", a soil additive. Cool Planet announced $29.9M in funding in June for its efforts. The company is backed by General Electric, Google Ventures, BP, ConocoPhillips, NRG and the Constellation Energy division of Exelon. More information »