Cool Planet closes on $100 million series D financing
Colorado-based Cool Planet Energy Systems finished its fourth financing round, meeting the $100 million objective.
Cool Planet reported all the current strategic and venture investors added to their investments during this round, and the company expanded its investor base with more than 50 percent of equity funds from new investors coming from outside of the U.S.
“We are very pleased with the strong interest and support from investors that enabled us to reach our $100 million funding objective,” said Howard Janzen, CEO of Cool Planet. “A significant number of new international investors with both a financial and strategic interest came into the financing. We are seeing strong interest in deploying our technology in markets such as China, Southeast Asia and the Middle East.”
The lead investors during the round were North Bridge Venture Partners and Concord Energy. Additional funding came from existing investors, such as BP, Google Ventures and Energy Technology Ventures, which represents GE, ConocoPhillips and NRG Energy. “As one of the original investors in Cool Planet, we have continued to invest in each round of funding as we have seen the technology advance to commercial readiness,” said Carmichael Roberts, partner at North Bridge Venture Partners and Cool Planet board member.
In late February, Cool Planet broke ground on its first biofuel production facility in Alexandria, La. The facility is expected to produce 10 million gallons of renewable fuel and gasoline blendstocks, as well as its signature CoolTerra biochar products. “We’re doing a lot of soil work and a lot of preparations,” said Mike Rocke, vice president of business development. “We’re shooting to have the facility make some preliminary fuel by the end of 2014 and having the plant in full operation in 2015.”
“We had a number of investors go to Louisiana and look at what we’re doing,” Rocke said. Having a commercial-scale plant under construction, along with other incentives, certainly helped the company attract more investors, he added.