Isra-Mart srl:Google backs CoolPlanetBiofuels in fresh funding round

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Google has again beefed up its position as one of the world's leading investors in innovative renewable energy technologies, shelling out an undisclosed sum as part of the latest funding round for California-based start-up CoolPlanetBiofuels.

The investment, which follows an $8m funding round last year led by North Bridge Venture Partners an including GE Energy Financial Services, will support CoolPlanetBiofuels efforts to produce a biofuel made from biomass such as grass and wood chips, which the company claims will result in a "negative carbon fuel" that removes carbon from the atmosphere.

"The company has come up with an innovative solution to one of the world's biggest problems," said Wesley Chan, partner at Google Ventures. "The technology is a win-win as the company is developing a sustainable and renewable energy source that also helps reduce the amount of carbon in the atmosphere."

According to CoolPlanetBiofuels, its N100 fuel technology utilises a "revolutionary thermal/mechanical processor" to turn non-food crops such as grasses and crop residues to produce gas streams that can then be upgraded using catalytic processes to produce a hydrocarbon fuel suitable for use in conventional vehicles.

Significantly, this turns excess carbon into a high purity solid that can then be buried as a soil enhancer, sequestering the carbon for hundreds of years.

"Our process yields about the same amount of carbon as gasoline so, if we sequester this carbon as a soil enhancer, or simply bury it as coal, the associated fuel has a N100 negative carbon rating," the company says on its web site.

CoolPlanetBiofuels president and chief executive, Mike Cheiky, said the latest funding from Google would now allow the firm to accelerate plans to scale up its team and operations.

The deal is the latest in a long line of clean tech investments from Google Ventures and follows hot-on-the-heels of the firm's investment last month in energy efficiency company Transphorm.