BP Technology Ventures latest to invest in Cool Planet Biofuels

BP Technology Ventures has invested in Cool Planet Biofuels as part of the company’s C financing round, following the likes of General Electric, Google Ventures, ConocoPhillips, NRG and North Bridge Venture Partners, other investor companies.

The money will be used to further develop Cool Planet’s technology which involves producing reduced carbon petrol from grass and woodchips which can be blended with regular petrol for use in cars. The byproduct produced can be used as a soil conditioner.

The company says its fuel and conventional fuel are indistinguishable and the differences can only be picked up through radiocarbon isotope analysis.

The C funding round was closed a year earlier than schedule so that Cool Planet can use the money to build its modular fuel production plants.

Cool Planet aims to build the plants throughout the US so that the biomass can be sourced locally without having to transport it long distances.

The company says it anticipates further companies will invest in its business throughout this year and the most recent funding round was led by Shea Ventures.

Mike Cheiky, Coo lPlanet’s CEO, says: ‘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.’