Incitor Inc., an Albuquerque, N.M.-based renewable/biomass energy and chemical company, has received $1.5m in Series A funding.
The round was led by the Cottonwood Technology Fund.
The company intends to use the funding to commercialize its biofuel and biochemical production processes.
Led by CEO Dr. John Elling, Incitor develops a patent-pending low-temperature chemical process that breaks down almost any 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.
The company is scaling up its process to a 15,000-30,000 gallon per year demonstration facility.
FinSMEs
12/06/2012