GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Cool Planet Energy Systems, the company bringing carbon-negative technology to the world’s energy, agriculture and water markets, announced today that it has successfully closed on its targeted $100 million Series D financing. All of the current strategic and venture investors added to their investment in this round, and the company significantly broadened its investor base with more than 50 percent of equity funds from new investors coming from outside the U.S. The private placement has been jointly led by UBS and Goldman Sachs.
Cool Planet’s green fuels are chemically identical to fossil fuels, with one of the lowest capital costs in the industry. The company’s process also produces a biochar-based product called CoolTerra™ that has the capability of making the fuel “carbon negative,” reversing the consequences of CO2 build-up from fossil fuels. Used as a soil amendment, its CoolTerra™ biochar product also increases crop productivity and plant health while reducing water and fertilizer requirements.
Cool Planet is moving aggressively to commercialize its technology and scale production of its renewable fuel and CoolTerra™ products. The company broke ground on its first biofuel production facility in Alexandria, Louisiana, on February 26, 2014. The plant is expected to produce 10 million gallons per year of high-octane, renewable fuel and gasoline blendstocks, as well as CoolTerra™ biochar products. The company has begun selling CoolTerra™ for use in commercial agriculture and recently signed an agreement with Organic Waste Solutions (OWS) for water treatment and remediation.
“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.”
“We’re particularly pleased with the broadening base of investors coming into this round of financing,” said Barry Rowan, CFO of Cool Planet. “More than half of our new equity investors are international, joining our earlier investors who all participated in this round.”
North Bridge Venture Partners and Concord Energy were the lead investors for the round. Funding also came from existing investors BP, Energy Technology Ventures (GE, ConocoPhillips and NRG Energy), Google Ventures and the Constellation division of Exelon.
“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. “The company has an exceptionally strong and experienced management team, and is poised to deliver real and meaningful new solutions to the energy, food and water industries.”
“We’re delighted that the D round financing was so successful,” said John Stuart, CEO Asset Group at Concord Energy Pte Ltd in Singapore. “We are a strategic investor and believe strongly in Cool Planet’s disruptive technology and business plan. This funding will accelerate the company’s entry into Asia and the global market. We’re excited to help bring Cool Planet’s advanced products to the international arena and believe the company has the potential to change the calculus in energy, agriculture and water management.”
Cool Planet’s business model of building small-scale facilities located close to the biomass fuel source provides one of the lowest capital costs in the industry, enabling the company to compete directly with the traditional oil industry. Frost and Sullivan recently honored Cool Planet with a Technology Innovation Leadership Award for 2014.
About Cool Planet
Cool Planet is commercializing a technology to create green fuels and biochar in a way that can change the world for good. The company’s green fuels are chemically identical to fossil fuels, and its CoolTerra™ biochar-based product increases crop productivity and promotes more robust plant health while reducing fertilizer and water requirements. The process is capable of being carbon negative, reversing the consequences of CO2 build-up from fossil fuels. Cool Planet’s technology has a broad portfolio of pending and granted patents. Global investors include BP, Google Ventures, Energy Technology Ventures (GE, ConocoPhillips, NRG Energy) and the Constellation division of Exelon.
For more information go to www.coolplanet.com, connect with Cool Planet on Facebook at facebook.com/CoolPlanetEnergySystems, or Twitter at twitter.com/CoolPlanetFuels.
