Cool Planet Energy Gets $19.4 Million for Biofuel Development
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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.