Cool Planet, the biofuel-turned-biological ag products company, has raised $19.3 million in venture funding from existing investors to drive the commercialization of its first products.
Cool Planet has discovered a way of engineering biocarbon to produce a soil supplement called Cool Terra that’s capable of increasing crop yields by an average of 14.9%. That’s according to 70 trials on lettuce, tomato, potato, strawberry, and alfalfa.
This makes the biochar better able to retain water, nurture beneficial microbes in the soil and keep nutrients in the root zone for longer periods, according to Jim Loar, CEO of Cool Planet.
Cool Planet is also exploring the potential for its engineered biocarbon to improve animal health and potentially reduce methane emissions in cattle, the main environmental culprit of cattle farming.
Cool Planet is currently actively testing Cool Fauna.
Cool Planet didn’t start out life as an agricultural products company but as a biofuels company producing hydrocarbon.
Cool Planet is calling this round its Series A round of the pivoted business, even though it raised a $100 million D round in 2014.