Cool Planet Energy Systems, a Camarillo, CA-based developer of small-scale bio-refineries for the conversion of non-food biomass into fuels and soil enhancing biochar, held the $19.4m second close of a Series D funding.
This raise, which follows the recent close of a more than $29.9m financing held in June of 2013 (read here), added investors from Hong Kong, Singapore, the United Arab Emirates (UAE), and Mexico to the existing investor base including North Bridge Venture Partners, Shea Ventures, BP, Google Ventures, Energy Technology Ventures (GE, ConocoPhillips, NRG Energy), and the Constellation division of Exelon.
The company intends to use the funds to accelerate the development of the business internationally. A portion of the raise will be used to finalize engineering design and construct its first commercial plant, which will be located at the Port of Alexandria, Louisiana.
Led by CEO Howard Janzen, Cool Planet expects the facility to be in operation before the end of 2014, producing high-octane cellulosic gasoline and soil enhancing biochar from wood biomass.