INCA Renewable Technologies secures $55M in funding
INCA’s team has deployed experience in fibre processing and bio-composites development and manufacturing to produce lighter prepregs for the automotive industry.
KELOWNA — INCA Renewable Technologies, a manufacturer of natural fibre composites, this week announced in Paris, France, at the international JEC World Composites Start-up Booster Competition that the company has secured a $55M Funding Commitment as part of a Series B round from a private New York Family Office.
INCA’s Chairman and CEO, David Saltman said, “This is an important milestone for our company. This round of funding will enable us to commercialize our line of hemp-based, advanced bio-composites for Toyota North America, Winnebago Industries and Gurit as well as to move forward with construction of our hemp fibre processing facility in Western Canada. Completion of the project will make INCA the first vertically integrated natural fibre composites company in the world.”
INCA’s team has deployed experience in fibre processing and bio-composites development and manufacturing to produce lighter prepregs for the automotive industry, large dimensional panels to replace plywood in RV sidewalls, cores for wind turbine blades and boats and compounded pellets to replace glass reinforced plastics. At the JEC Show INCA was also successful in winning the JEC World Startup Booster Competition Award for Products and Materials.
The product line will be manufactured from hemp which has been legally grown in the Canadian Prairies since 1998, primarily for plant-based protein. INCA will acquire the waste biomass from large growers, refine it into long fiber, short fiber, and hurd and manufacture the full product line.
The New York Family Office CEO said, “As the shift to new lighter, stronger composite materials which reduce carbon footprint is accelerating. Our firm sees the value of this innovative technology, which is not only good business, but on Earth Day, good for the planet.”
The family office engaged the services of Woodington Lane Ventures to evaluate the investment in INCA. Woodington’s CEO, Howard Morton commented that, “INCA serves a proven, growing market – balancing attractive automotive contracts, with distinctive technology. I believe that INCA’s vertically integrated business model helps de-risk an already established industry. This ‘farm to factory floor’ business model offers Tier 1 manufacturers a secure supply chain and cost competitive alternatives to petroleum and wood-based incumbents.”
“Our ability to transform a low-cost raw material into a set of patented high value products, will enable our customers to produce lighter, stronger, lower cost and far more environmentally sustainable products. We think it is a winning value proposition,” added Saltman.