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Thursday, Mar 28, 2024

BioFuels Start Up Receives Funding From Joint Venture

Biofuels manufacturer CoolPlanetBioFuels is among the companies receiving funding from Energy Technology Ventures, a joint venture between three energy companies and investors. CoolPlanet, located in Camarillo, is developing a process to create biofuel from plant material and using the left over carbon as a soil enhancer. The company will share in the $300 million staked in Energy Technology Ventures by NRG Energy Inc., ConocoPhillips, and GE Capital. GE Energy Financial Services, a division of GE Capital, was part of a founding round in November that provided $8 million to CoolPlanet. Also receiving funding from Energy Technology Ventures are Alta Devices in Santa Clara, and Ciris Energy, Inc., Centennial, Colo. Energy Technology Ventures will invest in, and offer commercial collaboration opportunities to, venture- and growth-stage energy technology companies in the renewable power generation, smart grid, energy efficiency, oil, natural gas, and biofuels sectors. Mark R. Madler

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