Incitor Incorporated Receives $1.5 Million Series A Investment
News Jun 12, 2012
Incitor Incorporated announced that the Cottonwood Technology Fund led an investment group to fund Incitor's next growth phase.
Incitor's patent-pending low-temperature chemical process breaks down almost any biomass from agricultural, solid, woody or algal waste to create commodity petrochemical replacements, specialty bio-based chemicals, and Alestron(TM), a novel third generation biofuel compatible with both gasoline and diesel. Incitor is rapidly scaling up its process to a 15,000-30,000 gallon per year demonstration facility. Incitor's technology will allow biofuel production at about $2/gallon and also reduces the production cost of important industrial chemicals such as levulinates, formates, and proprionates by about 80%.
"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," said David Blivin, Managing Director of Cottonwood Technology Fund. "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 commercialize its unique biofuel and biochemical production processes. We look forward to working with David Blivin and his team."