DENVER (AP/CBS4) – A company that has developed a process for converting beetle-killed trees and corn cobs into gasoline says it plans to open its global headquarters in Greenwood Village, south of Denver.

Cool Planet Energy Systems said Wednesday it also has chosen Colorado for its first manufacturing facility.

The move is expected to create hundreds of jobs over the next three years. Colorado officials say Cool Planet Energy Systems has been approved for nearly $3.1 million in tax incentives for creating up to 393 jobs over three years.

Gov. John Hickenlooper was on hand for the announcement.

“That wood, that timber, if you leave it on the ground and it catches fire, it burns so hot that you can’t regenerate forest growth easily,” Hickenlooper said. “At the same time, if it does not end up burning and just falls to the ground, it gives off a tremendous amount of methane.”

Cool Planet currently operates a pilot production facility in Camarillo, Calif.

The company’s investors include General Electric Co., ConocoPhillips Co. and Google Ventures, among others.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


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