Cool Planet Energy Systems

Cool Planet Energy Systems was an AgTech and CleanTech firm established in 2009 by Mike Cheiky, a founder with a history of creating multiple startups. The company initially set out with the ambitious goal of producing carbon-negative gasoline from non-food biomass like wood chips and agricultural waste. Its process involved a thermo-mechanical system using pressure and heat to break down biomass, followed by proprietary catalytic converters to produce green fuels.

A significant co-product of this process was an engineered, solid, inert biocarbon called CoolTerra®. This material, when added to soil, was designed to improve health, increase crop yields, and enhance water and nutrient retention, effectively sequestering carbon in the ground for long periods. This dual-product strategy aimed to create a carbon-negative fuel cycle. Initially, the biochar was considered a waste product, but after extensive research involving agronomists and botanists, it became a key commercial product.

Cool Planet attracted substantial investment from prominent backers including Google Ventures, BP, General Electric, ConocoPhillips, and North Bridge Venture Partners, raising approximately $183 million over ten funding rounds. A major milestone was the completion of a $100 million Series D financing round in March 2014, which supported the groundbreaking of its first commercial plant in Alexandria, Louisiana. This facility was planned to produce 10 million gallons of renewable fuel annually alongside its CoolTerra® biochar. By 2015, the company shifted its primary focus to the commercialization of its CoolTerra® product, which had won a 2015 Edison Award for agricultural innovation. Despite its promising technology and significant funding, Cool Planet Energy Systems was eventually acquired by National Carbon Technologies in June 2020 and is now considered out of business as of April 2021.

Keywords: biochar, carbon sequestration, soil amendment, renewable fuels, biomass conversion, ag-tech, carbon negative, CoolTerra, green gasoline, pyrolysis, engineered biocarbon, cleantech, agricultural technology, sustainable agriculture, soil health, water retention, biofuel, crop yield enhancement, venture capital, National Carbon Technologies