GE takes part in financing round for CoolPlanetBioFuels
(ADPnews) - Nov 18, 2010 - GE Energy Financial Services, part of US industrial conglomerate General Electric (NYSE:GE), said yesterday it had taken part in an USD-8-million (EUR 5.9m) financing round for biofuel startup CoolPlanetBioFuels, to support the company's research and development activities.
No further details on the financial terms were disclosed.
CoolPlanetBioFuels is working on a technology that would turn low-grade biomass, such as grass and wood, into high-grade fuel. GE's investment in the company is in line with its plan to speed up the development and deployment of green energy technologies.
North Bridge Venture Partners arranged the transaction. The same company led CoolPlanet's financing round a year ago. "CoolPlanet's technology could be a major driver in expanding the use of low carbon footprint and locally sourced fuels," said Basil R Horangic, part of North Bridge's team.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.