NEW YORK CITY -- Cool Planet Energy Systems Inc., a closely held biofuel developer, raised $19.4 million to help build its first production facility.
The plant, which will be in Alexandria, Louisiana, is on schedule to be completed by the end of next year, Chief Financial Officer Barry Rowan said today in an interview. The company uses a chemical-mechanical process to convert non-food biomass into fuel, and it plans to build 30 manufacturing units within three years to make gasoline.
“The ultimate business plan calls for multi-hundreds of plants in the U.S. and significantly more globally,” Rowan said. “We’re highly confident we’ll have adequate capital to do that.”
Cool Planet, based in Greenwood Village, Colorado, has raised or received commitments on more than $60 million in debt that will be converted to equity, Wes Bolsen, a company spokesman, said in an e-mail.
The biofuel developer in June raised $29.9 million from investors including Google Inc., General Electric Co., BP Plc, ConocoPhillips, NRG Energy Inc. and Exelon Corp. The company may raise $100 million this year, Rowan said.
Copyright 2013 Bloomberg
Lead image: Biofuel car via Shutterstock