Cool Planet has raised $19.3 million for its pivot to biochar.
Bioengineering venture Cool Planet raised $100 million in 2014 to build its biofuels business. But as falling gas prices made biofuels less competitive, the Greenwood Village, Colo., shifted its focus to soil enrichment biochar.
Its Cool Terra product sequesters carbon and enriches soil, boosting crop yields by nearly 15 percent, the company says.
Cool Planet is exploring ways to use the product to reduce livestock methane emissions as well.
North Bridge Venture Partners, which led the $19.3 million Series A round, was also an early investor in Cool Planet’s biofuels business.
Cool Planet had announced a $9 million first close last September.
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Photo credit: Cool Planet