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Business
Cool Planet Gets USDA Loan Backing
by Melody M. Bomgardner
October 13, 2014
| A version of this story appeared in
Volume 92, Issue 41
Cool Planet Energy Systems, a start-up biofuels firm, has received a $91 million loan guarantee from the U.S. Department of Agriculture to support construction of a plant at the Port of Alexandria in Louisiana. The company has developed a pyrolysis system that produces gasoline and aromatic fuel blendstocks from wood chips. A carbon side-product of the process called biochar is used as a soil amendment. Cool Planet, which has attracted investors including Google Ventures, BP, and Exelon, broke ground at the site earlier this year and expects to start up in early 2016.
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