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,.