Cool Planet Energy Systems, a Camarillo, CA-based developer of fuel technology, closed on $29.9m of its anticipated $100m Series D financing.
Backers included General Electric, Google Ventures, BP, ConocoPhillips, NRG and the Constellation Energy division of Exelon.
The funds will support the construction of its first commercial production facility in Camarillo.
Led by Howard Janzen, CEO, and Barry Rowan, CFO, Cool Planet has developed a technology that converts non-food biomass into sustainable, high-octane gasoline, jet fuel or diesel.
Its patented thermo-mechanical process enables the deployment of small, modular facilities through a distributed model, taking the plants to the biomass. It also captures the carbon to create a co-product, biochar, which is an inert carbon that enhances soil quality through improved water and fertilizer retention and thereby increasing crop production.