Dirt isn’t just dirt to Cool Planet Energy Systems, a Greenwood Village startup that’s raised nearly $30 million in the last 18 months and is poised to start work on a new manufacturing plant in Louisiana.
At Cool Planet, dirt is the foundation for things that grow in the fields.
In addition to the tests, Cool Planet has spent the last year or so lining up distributors, including some of the biggest in the agriculture sector, who are willing to sell Cool Terra to farmers, the ultimate client, Loar said.
Some of the money raised in the last 18 months will be spent on new equipment at Cool Planet’s Cool Terra manufacturing plant in the Port of Alexandria in Rapides Parish, Louisiana.
Cool Planet has already invested about $10 million into the Port of Alexandria site and expects to add $5 million to $10 million worth of equipment and infrastructure to support the Cool Terra product, Loar said.
Cool Planet expects the first set of equipment will be capable of producing between 40,000 and 60,000 cubic yards of Cool Terra per year, starting in 2018.
Cool Planet is already exploring other markets for Cool Terra, based on its ability to clean water and its potential to improve the health of animals.