BIOMASS COMPANY INCITOR RAISES $1.5M IN SERIES A INVESTMENT

Biomass company Incitor has raised $1.5m in a Series A investment round, led by the Cottonwood Technology Fund.

The funding will go towards the company’s next phase of growth. Incitor’s technology uses a low-temperature chemical process which breaks down almost any biomass from agricultural, solid, woody or algal waste to create petrochemical replacements, the company said.

David Blivin, managing director of Cottonwood Technology Fund, said, ‘We believe Incitor’s unique low cost chemistry brings new economics to the biofuels and biochemicals industries. In addition, their inclusion of alcohols (methanol and ethanol) in their synthetic process creates interesting opportunities to create higher value products from ethanol and natural gas.

‘We couldn’t be more excited in supporting Incitor’s management in bringing their technology to market.’

Dr John Elling, CEO of Incitor, added, ‘Incitor is exceptionally pleased to share the vision of a renewable fuel and chemical future with Cottonwood.

‘Cottonwood’s support will enable Incitor to rapidly commercialise its unique biofuel and biochemical production processes. We look forward to working with David Blivin and his team.’

Source: http://www.newenergyworldnetwork.com/investor-news/renewable-energy-news/by-region/north-america/biomass-company-incitor-raises-1-5m-in-series-a-investment.html