Concord Energy, Cool Planet to establish joint venture
Concord Energy has announced that it has signed an agreement with Cool Planet Energy Systems to establish a joint-venture in the Asia Pacific Region. The JV will develop commercial production facilities for the conversion of non-food biomass into biofuels and soil enhancing biochar.
“We believe that Cool Planet has developed a unique technology that will revolutionize the production of biofuels, and we are delighted that Cool Planet has chosen Concord Energy as its partner,” said John Stuart, CEO of Concord’s Asset Group. “Concord has extensive operational and development experience in Asia Pacific, and we look forward to working with Cool Planet and its partners in growing biofuels production in the region.”
“We like that Concord Energy is among the leading trading firms in East Asia,” said Vital Aelion, Cool Planet’s head of international business development, “We chose Concord Energy because we know they have the strong desire and the technological capability to deploy quickly the Cool Planet technology in East Asia and in Oceania.”
Concord Energy has also made a financial investment in the Cool Planet, joining other global investors such as BP, Google Ventures, Energy Technology Ventures (GE, ConocoPhillips, NRG Energy), and the Constellation division of Exelon.