BP takes part in Cool Planet BioFuels C round financing
Dec 30, 2011 - US biofuel technology developer Cool Planet BioFuels Inc said Thursday it had completed a C round financing, adding British energy group BP Plc (LON:BP) to its list of investors.
The company's existing investors include General Electric (NYSE:GE), Google Ventures, ConocoPhillips (NYSE:COP), NRG Energy (NYSE:NRG) and North Bridge Venture Partners. Shea Ventures led the funding round.
Cool Planet is working on a renewable petrol that can be blended with conventional petrol and used in existing vehicles. The product is being tested and evaluated by BP, ConocoPhillips and a number of other energy firms with very good results so far, Cool Planet said. The company expects to enter into further strategic partnerships next year, it added.
Cool Planet's renewable fuel is chemically indistinguishable from crude oil derived product. The company launched the C round financing earlier than initially planned, seeking to speed up the development of its modular fuel production units. Cool Planet said it expected to deploy hundreds of modular units in the US in the coming few years.