Biofuels startup Cool Planet Energy Systems Inc. has decided to move its headquarters to Colorado, where it will open its first manufacturing plant, after receiving state tax rebates.
The Camarillo company announced late Wednesday it will move to the Denver suburb of Greenwood Village. A Camarillo office employing 90 workers that conducts research and development will remain open.
In April, the company said it was considering moving its operation after the Colorado Economic Development Commission agreed to give Cool Planet $3.1 million in job-growth based tax rebates.
“By selecting Colorado as the location for our global headquarters and with plans to locate our first manufacturing facility here, we’re moving closer to commercializing our revolutionary carbon-negative fuel technology,” said Chief Executive Howard Janzen, in a prepared statement.
The biofuel company raised almost $30 million in June to build its first production facility, which it expects will employ 390 workers when operational.
Cool Planet converts non-food biomass, such as wood chips, algae and corn cobs, into gasoline. It was founded by entrepreneur Mike Cheiky in 2008 and has the backing of high-profile investors, including General Electric Co., Google Ventures and BP plc.
- Megan Diskin