This venture capital investment was led by North Bridge Venture Partners, which had also led CoolPlanet’s financing round last year.
CoolPlanet’s low-cost approach towards converting cellulosic plant material, such as grass and wood, into gasoline can create demand for non-food crops, GE said.
The company also said that this investment reflects its ecomagination business strategy to accelerate the development and deployment of clean energy technology through innovation and research and development.
GE Energy Financial Services venture capital managing director Kevin Skillern said that CoolPlanet’s low-capital process yields high-value products, including gasoline.
