Cool Planet has developed a system which produces both hydrocarbon fuels as well as a fertilizer-saving soil amendment that sequesters carbon and enhances crop growth.
Cool Planet has raised a total of $146.7 million across seven rounds, according to CrunchBase, and the company is always interested in adding capital, according to Wes Bolsen, head of business development and public affairs.
“I think we would be open to finding the right strategic ag partner. We are going to look at that and how the partnership may enable us to move Cool Planet and CoolTerra forward.”
What does Cool Planet do with the leftover biomass? It creates the CoolTerra product from the biochar produced, which is a type of charcoal.
“Soil health is just starting to become a huge topic so investment in soil heal this just now starting. We think Cool Planet may be at the front end of a growing wave of soil health initiatives.”
Although Cool Planet’s dual income streams were an obvious draw for investors, Bolsen saw a contrast in VC firms‘ approach to the renewable energy and ag input components.
“We had already built one of the best advisory boards in the country with former DuPont Fellow Leo Manzer, who now chairs the advisory board, and BP’s Chief Chemist Mike Desmond serving alongside the rest of our dedicated and talented advisory board members from around the world,” said Cool Planet CEO, Howard Janzen in a statement.