Cool Planet to receive $91m loan from USDA
Cool Planet Energy Systems, which is commercialising a technology to create green fuels and biochar, has received a $91 million (€72 million) conditional commitment from the US Department of Agriculture (USDA) for a loan guarantee to support construction of the company's first commercial manufacturing plant.
Speaking about the plant, which will be located at the Port of Alexandria, Louisiana, Cool Planet CEO Howard Janzen says: 'Our first commercial plant will produce renewable fuels by converting woodchips into high octane petrol and aromatic blendstocks that are chemically identical to fossil fuels. From this process, we will also produce a co-product called CoolTerra which is an advanced soil amendment.'
Cool Planet broke ground on its first commercial facility at the Port of Alexandria earlier this year. Site preparation and detailed engineering design work is currently underway, and the company expects to start construction in early 2016.
The USDA financing could play a role both in the first commercial deployment in Alexandria and subsequent expansion.