[ad#PhycoBiosciences AIM Interview]

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
Algix, parent company of Solaplast, will be inaugurating their algae-to-plastic facility in Meridian, Mississippi, on November 14, 2014. Solaplast's facility will be focu...
Phys.org reports that, in collaboration with the Berlin, Germany LED manufacturer FutureLED, scientists at the Technische Universität München have developed a unique comb...
Kevin Valine at the Modesto Bee writes that the California city of Modesto may sell the algae that grows in its roughly 1,000 acres of sewer ponds at its Jennings Road wa...
James Goodman writes in the democratandchronicle.com about Jeffrey Lodge, an associate professor of biological sciences at Rochester Institute of Technology, who knows wh...
Scientists from the J. Craig Venter Institute (JCVI), a not-for-profit genomic research organization in La Jolla, California, have published a paper outlining new synthet...
The vision of developing a community college degree program to train a high technology algae workforce was launched at New Mexico's Santa Fe Community College (SFCC) in 2...
John O’Renick, in this insightful piece from the Portland (Oregon) Tribune, writes about the problems we create from treating waste streams as garbage to be disposed of i...
Nitrogen and phosphate nutrients are among the biggest costs in cultivating algae for biofuels. Sandia National Laboratories molecular biologists Todd Lane and Ryan Davis...
The U.S. Department of Energy (DOE) has awarded Arizona State University (ASU) a three-year, $1 million grant to fund the Atmospheric Carbon Dioxide Capture and Membrane ...
A multiple-effect evaporator (MEE) is a system designed for efficiently using the heat from steam to evaporate water. This equipment is recommended by pollution control a...
Scientists at Dartmouth College, in Hanover, New Hampshire, have discovered that marine microalgae can completely replace the wild fish oil currently used to feed tilapia...
Bioenergy-news.com reports that Volkswagen showcased its algae biogas-powered vehicle at a biogas project based in El Torno Chiclana, a town in south-west Spain. The test...