GE Invests in Calif. Biomass Startup
CoolPlanetBioFuels, a Camarillo, Calif. start-up company developing a technology that converts low-grade biomass into high-grade, carbon-negative fuel, has secured $8 million from North Bridge Venture Partners and GE Energy Financial Services, General Electric’s energy financing unit.
North Bridge Venture led the Series B funding. The Boston-based fund had also led CoolPlanet?s financing round, which closed last year.
CoolPlanet has developed technology that converts cellulosic plant material — such as grass and wood — into gasoline.
?GE?s technical and market resources could accelerate our development well beyond the impact of the company?s financial investment,? said CoolPlanet?s President and Chief Technology Officer Mike Cheiky, in a prepared statement.