Cool Planet BioFuels Inc. has announced that BP Technology Ventures has made an investment in the company's C Round along with follow-on investments by the company's current investors, General Electric, Google Ventures, ConocoPhillips, NRG and North Bridge Venture Partners.
Cool Planet BioFuels says it is developing bio-based gasoline that can be blended with conventional gasoline and used in today's vehicles. According to the company, its renewable gasoline is chemically indistinguishable from crude-oil-derived product and can only be detected by radiocarbon isotope analysis.
In addition to BP and ConocoPhillips, several other energy companies are in the process of testing and evaluating Cool Planet's fuel. The company says it completed its B Round financing in spring 2011 and has pulled in its C Round, led by Shea Ventures, a year ahead of schedule in order to accelerate the development of its modular fuel production plants. Cool Planet also expects to announce additional energy company strategic relationships throughout 2012.