Greenwood’s Cool Planet Gets $91M Federal Loan Guarantee for New Biofuel Plant
Greenwood-based Cool Planet Energy Systems just landed a major loan guarantee from the U.S. Department of Agriculture to build its first commercial refinery in Louisiana, according to the Denver Business Journal. The loan guarantee is for a whopping $91 million.
According to the journal, Cool Planet turns renewable plant material into a “drop-in” fuel that can be transported, stored and burned in existing pipelines, storage tanks and engines.
“A drop-in fuel means that new investment in dedicated infrastructure and equipment isn’t required to use it,” the journal explained.
The Louisiana refinery is planned for Port of Alexandria, and Cool Planet officially broke ground on the site earlier this year. According to the article, refinery will be capable of producing between 8 million and 10 million gallons of fuel each year when it operates at full capacity.
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This local update courtesy of your Greenwood Village Community Expert.