US-based biofuel developer Cool Planet Energy Systems has raised around $29.9m in investment for the construction of a new production facility.
The firms involved in the investment include Google, General Electric, BP, ConocoPhillips, NRG Energy and Exelon, reports the bloomberg.com.
Commenting on the initiative, Cool Planet chief executive officer Howard Janzen was quoted by the site as saying that the company was planning to develop 30 of the company’s shipping-container-sized manufacturing units within three years.
The proposed biofuel production facility is expected to be completed by the end of 2014. It will convert biomass and organic wastes into about 10 million gallons of gasoline annually.
Meanwhile, the company noted that it has secured supply contracts that cover its expected production through 2016.