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Incitor Closes $2.5 Million Series A Round
September 11, 2012
ncitor 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.”