The carbon dioxide-to-fuel company secured the funds to test its technology after BP reinvested through its corporate venturing arm.

Liquid Light, a US-based developer of technology aimed at converting carbon dioxide to widely-used chemicals, closed a $15m series B round on Thursday that included BP Ventures, petroleum company BP’s corporate venturing unit.

The round also featured Sustainable Conversion Ventures, VantagePoint Capital Partners, Chrysalix Energy Venture Capital, and Osage University Partners. The company said the round was raised at a “significant increase in company valuation”.

Liquid Light, which was formed in 2008 and emerged from stealth in March, will use…