Last week Google Ventures invested $20 million into CoolPlanetBioFuels, a company that has created a system to turn wood chips and corn stocks into gasoline or diesel. Yesterday an interview was posted with Partner Wesley Chan on Fortune covering more of the details but the technology really sounds like a hit. The process is Carbon negative, works with multiple fuel sources and ends with biochar that can be used as fertilizer. Not only can CoolPlanet make the conversion work, it can do it with small scale micro-plants creating efficiencies in transportation and infrastructure costs as shown below.
In addition to funding, Google will bring recruiting expertise and possibly help test the product with it’s employee bus system that operates all around the Bay Area. CoolPlanet is based in Camarillo California, South of Google near LA, and has already received funding from North Bridge Venture Partners and Energy Technology Ventures, a collaboration between GE (GE), NRG Energy Inc. (NRG) and ConocoPhillips (COP).
For more on CoolPlanet visit their site at http://www.coolplanetbiofuels.com.