Cool Planet receives $91 million USDA loan

The U.S. Department of Agriculture (USDA) will give a $91 million (€72 million) loan guarantee to help Cool Planet Energy Systems build a new biofuel plant in Louisiana.

The facility will be built at the Port of Alexandria, Louisiana, and will produce renewable fuels and biochar, a bioenergy by-product. Pine chips will be converted into high octane petrol and aromatic blendstocks.

Cool Planet's new build will produce 8 million to 10 million gallons of reformate – an ingredient in petrol and jet fuel - per year at full capacity.

The company has also secured private investment from companies including Google Ventures, BP, ConocoPhillips, GE, Exelon and NRG Energy. Cool Planet will be contributing $50 million in equity to the project.