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.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>