Some might scoff when a company says its goal is to "change the world for good," but Cool Planet Energy Systems has the kind of financial backing that forces you to take that goal more seriously.
Cool Planet announced Monday that it has closed a $100 million Series D round of financing to ramp up its biofuel production. The funding, which came in stages during the past year, was led by North Bridge Venture Partners and Concord Energy. Existing investors, including Google Ventures and BP, also contributed to the round.
The company produces biofuels that are "chemically identical" to fossil fuels as well as a biochar product, which can be used as fertilizer and, it says, help reverse "the consequences of CO2 build-up from fossil fuels."