Cool Planet Energy Systems Inc., a closely held biofuel developer, raised about $29.9 million to build its first production facility, Chief Financial Officer Barry Rowan said.
The debt investments are part of $100 million Cool Planet expects to raise this year that’ll be converted into equity at completion, Rowan said today by telephone. The funds will be invested in the company’s first commercial plant that will convert biomass and organic wastes into about 10 million gallons of gasoline a year, he said.
Chief Executive Officer Howard Janzen said Oct. 24 that he plans to build 30 of the company’s shipping-container-sized manufacturing units within three years that may produce fuel for about $1.50 a gallon.
The first plant is expected to be completed by the end of 2014, though the location hasn’t been determined, Rowan said. Cool Planet, based in Camarillo, California, has supply contracts that cover its expected production through 2016, he said, and wouldn’t name the customers.
Cool Planet’s investors include Google Inc. (GOOG:US), General Electric Co. (GE:US), BP Plc. (BP/), ConocoPhillips (COP:US), NRG Energy Inc. (NRG:US) and Exelon Corp (EXC:US), and each participated in the funding, Rowan said.
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