Money


Incitor Closes $2.5 Million Series A Round

September 11, 2012
AlgaeIndustryMagazine.com

Incitor Incorporated, a Delaware Corporation based in Albuquerque, NM, has announced that Sun Mountain Capital, of Santa Fe, NM, has expanded the original Incitor Series A funding round led by Cottonwood Technology Fund, bringing the total received in Series A to $2.7 million.

Incitor’s patent-pending, low-temperature, chemical process breaks down biomass from agricultural, solid, woody or algal waste to create commodity petrochemical replacements, specialty bio-based chemicals, and Alestron™, a novel third generation biofuel compatible with both gasoline and diesel.

Sun Mountain Capital’s commitment was solidified by Incitor’s successful scaling of its processes into a functional continuous production pilot plant that can process 40 metric tons of biomass per year into valuable bio-based chemicals and fuel additives.  Matt Culler, Principal of Sun Mountain Capital, said, “Sun Mountain Capital is excited to support Incitor, as the company continues to demonstrate the viability of its breakthrough technology. We believe that the company has the potential to revolutionize the specialty chemicals industry, which currently relies on petroleum products, and dramatically expand the marketplace for bio-sourced materials.”

Incitor is rapidly scaling-up to break ground on a commercial production facility. This facility will produce important industrial chemicals such as levulinates, formates, and propionates, while creating at least 13 new rural jobs at the facility, plus an additional 5 personnel to be hired at Incitor’s headquarters in Albuquerque, NM.

Cottonwood Technology Fund is an early-stage technology commercialization fund with offices in Santa Fe, New Mexico and El Paso, Texas. Dave Blivin, Managing Partner of the Cottonwood Technology Fund commented on the new capital commitment. “We are pleased to have Sun Mountain’s support for Incitor. They have been a valuable asset for New Mexico, supporting many of the State’s most promising technology growth companies. Having their endorsement adds additional credibility to the exciting market opportunity represented by Incitor’s technology.”

More Like This…

HOME Algae Industry Jobs

Copyright ©2010-2012 AlgaeIndustryMagazine.com. All rights reserved. Permission granted to reprint this article in its entirety. Must include copyright statement and live hyperlinks. Contact editorial@algaeindustrymagazine.com. A.I.M. accepts unsolicited manuscripts for consideration, and takes no responsibility for the validity of claims made in submitted editorial.

From The A.I.M. Archives

— Refresh Page for More Choices
The Algae Biomass Organization (ABO) released the following statement calling on the EPA to include Carbon Capture and Utilization strategies in rules proposed June 2, 20...
Four years after the first optimistic calculations, the experimental cultivation of algae at Wageningen University in the Netherlands appears to be meeting expectations. ...
A University of New South Wales (UNSW)-led team of researchers has discovered how algae that survive in very low levels of light are able to switch on and off a weird qua...
The Guardian reports that Prince Edward Island (P.E.I.), Canada-based Solarvest has created an inventive system utilizing a specific algal strain to grow and produce EPA ...
Gilbert, AZ-based Heliae has announced a partnership with Sincere Corporation, a Japanese waste management and recycling company, to form a joint venture and develop a co...
Kyae Mone Win reports in the Myanmar Times that spirulina has been harvested from Twin Daung lake in Sagaing’s Bu Ta Lin township for over a decade, but climate change an...
Starting in the early 70s, agencies in the former USSR invested more than 20,000 person-years of research and development to produce Bio-Algae Concentrates (BAC) that hel...
Algae manufacturer Cyanotech Corporation has announced implementing three major initiatives to improve Astaxanthin production at their Kailua Kona, Hawaii-based cultivati...
Steven Mufson reports for the Washington Post that Algenol Biofuels estimates hackers have attempted to break into its computers 39 million times in four months this year...
In an effort to propel the algae industry forward, the Algae Testbed Public Private Partnership (ATP3) offers a series of hands-on specialized workshops suited for partic...
Channelnewsasia.com reports on three young Spaniards who harvest seaweed, a culinary delicacy, as a way for them to stay out of Spain’s troubled financial waters. 35-year...
Using a combination of satellite imagery and laboratory experiments, researchers have evidence showing that viruses infecting those algae are driving the life-and-death d...
Oregon State University researchers are combining diatoms, a type of single-celled photosynthetic algae, with nanoparticles to create a sensor capable of detecting minisc...
SCHOTT AG, of Mitterteich, Germany, and Algatechnologies Ltd. (Algatech), based at Israel’s Kibbutz Ketura, have signed an R&D agreement to strengthen their partnersh...
With their new CO₂ processing-platform called AstaCos, AlgaeBiotech can produce waxy particles of only 50-100 µm in size with a loading of 25% astaxanthin oleoresin. The ...
A team of Michigan State University algae researchers have discovered a cellular "snooze button" that has the potential to improve biofuel production and offer ...
Renewable fuels company Muradel has launched Australia’s first integrated demonstration plant to sustainably convert algae into green crude, as a first step towards a com...
William Tucker writes in fullfreedom.org about the lure the oceans have for advocates of biofuel, particularly in Scandinavia. “Two-thirds of the globe is covered with wa...