GE Invests in Calif. Biomass Startup

by Terrence Murray - November 17, 2010

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,.

2 Responses to “GE Invests in Calif. Biomass Startup”

  1. [...] CoolPlanetBioFuels, a Camarillo, Calif. biomass startup secured $8 million from North Bridge Venture Partners and GE Energy Financial Services. [...]

  2. says:

    How efficient will the biofuels be, in comparison to natural gas? Will the cellulosic materials be used in a sustainable manner? We already suffer from biodegradation and deforestation, and I fear by converting biomass to gasoline, we may be exacerbating preexisting environmental problems.

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