Google-Backed Cool Planet Raises $29.9m In Debt

7 Jun 2013 Google-backed biofuels developer Cool Planet has raised just shy $29.88m of debt as it moved forward with plans to build its first production facility. The company, which also counts BP, General Electric and NRG Energy as investors, disclosed the financing in a filing with the Securities & Exchange Commission. Although the disclosure states that Cool Planet is not looking to increase this level of debt investment currently, CFO Barry Rowan told Bloomberg the effort is part of a $100m it expects to raise this year that will be converted into equity at completion. Its company is planning for its first production facility to be complete by the end of 2014 but a site has not yet been decided. Rowan joined the business in December 2012, bringing with him over 30-years’ experience in building and turning around large-scale technology companies in a variety of industries. He previously served as EVP, CFO and chief administration officer for Vonage, a $900m internet communications company. Based in California’s Silicon Valley, Cool Planet has previously said it expects the price tag of its first plant to be $50m with additional funds needed for production and other corporate expenses. According to a report in GigaOm, the high-tech business said it is estimating the production of biofuel to cost $1.50 per gallon at a plant that would have a capacity of ten million gallons per year. At the beginning of 2012 it received permission from the California Air Resources Board (CARB) to begin fleet-testing its negative carbon gasoline product. Copyright © 2013 NewNet Taylor Scott International