Another day, another cleantech investment by the venture capital arm of search engine giant Google. This time around Google Ventures is sinking an undisclosed amount of Series B funding into CoolPlanetBioFuels, a start up focused upon what is described as converting low-grade biomass — such as grass and woodchips — into high-grade fuel.
If the name CoolPlanetBioFuels sounds vaguely familiar, that’s because it also got cash earlier this year from Energy Technology Ventures, an energy technology investment outfit backed by the likes of GE, NRG and ConocoPhilips. The new round of investment from Google Ventures into CoolPlantBioFuels’ technology is seen as a win-win because it is “developing a sustainable and renewable energy source that also helps reduce the amount of carbon in the atmosphere.”
A more detailed description of the CoolPlanetBioFuels technology goes something like this: “a thermal/mechanical processor…directly inputs raw biomass such as woodchips, crop residues and non-food fuel crops, and produces distinct gas streams for catalytic upgrading to conventional hydrocarbon fuel.” The company said as well it is also developing “one- step catalytic conversion processes that mate with the processor’s output gas streams to produce useful products such as eBTX (gasoline), synthetic diesel and proprietary ultra- high-yield super fuels.”
This marks the second significant cleantech investment today – solar thermal technology start up Sunnovations announced earlier it was going through some Series A financing led by cleantech investment firm Two Seven Ventures.