PPP lends to Google-backed biofuels plant

Silicon Valley Bank and USDA have lent $91 million to biofuels producer Cool Planet to commercialise its technology.

The Silicon Valley Bank and the United States Department for Agriculture (USDA) have provided a $91 million joint loan facility for Cool Planet Energy Systems, a biofuels producer.

The loan was taken directly from the $160 million Biorefineries Assistance Program, a USDA initiative.

This is the latest round of capital raising for the firm that has raised $133 million across Series B, C and D rounds gaining commitments from private investors including Google Ventures, BP, ConocoPhillips, GE, Exelon and NRG Energy.

“This is a tremendous statement from some of the top strategic investors in the world, showing their continued support and validation of the Cool Planet technology as we commercialize our biofuel and CoolTerra™ products,” Wesley Bolsen, head of global strategic partnerships at Cool Planet, told Agri Investor. The company will also use the capital to construct a new biofuels production plant at Port of Alexandria, Louisiana.

Cool Planet, which produces biofuels and soil enhancer from one biomass stock, intends to use this new round of funding to commercialise these products and bring them to a wider customer base.