INCA Renewtech Closes $4.5 Million A Round Financing
Kelowna, BC – September 13, 2021 – INCA Renewable Technologies, (www.incarenewtech.com) manufacturer of natural fibre composites, today announced the closing of a Series A financing of $4.5M CDN from private investors.
INCA’s Chairman and CEO, David Saltman said, “This is an important milestone for our company. This funding will enable us to complete the design and engineering of our fibre processing facility in Western Canada and our bio-composites factory in Elkhart County, Indiana. We have expanded our management team and are in active line trials with our European and North American equipment suppliers.”
INCA will utilize the team’s decades of experience in fibre processing and bio-composites manufacturing to produce compounded pellets that are intended to replace glass reinforced plastics in the production of automotive interiors and consumer products. It will also produce large dimension panels that are a direct replacement for the rainforest plywood currently used in recreational vehicles, furniture, flooring and Hollywood movie sets.
“INCA’s proprietary materials will enable our customers to produce lighter, stronger, cost competitive and far more environmentally responsible products. We think it is a winning value proposition,” added Saltman.
In August INCA signed an exclusive sales agreement with Genesis Products to supply the RV and related industries. The Company is also signing long term off-take agreements with Alberta farmers currently growing hemp for protein production. When fully operational INCA will utilize over 50,000 tonnes of biomass and turn this renewable resource into high performance materials.
INCA’s leadership team is comprised of world leaders in plant genomics, engineering and composites manufacturing. Saltman has built cleantech companies for three decades. He and CTO Gary Balthes built Flexform Technologies, the first natural fibre composites facility in North America. Flexform currently supports programs at Ford, GM, Chrysler, Toyota and Tesla. Balthes went on to build the most sophisticated natural fibre composites manufacturing line in North America for Carver Non-Woven Technologies.
COO Paul Bullock has deep roots in Canadian agriculture, with particular expertise in plant genomics, field operations and transportation logistics in the emerging cannabis and hemp industry since inception and direct relationships with large scale growers. CMO Camille Saltman was President and CMO of Malama Composites, the first company to manufacture rigid urethane foams from plant-based polymers. Karl Nicholas, VP of Business Development led novel composites programs at BASF for Ford and Toyota. Danny Allen Fieldberg, VP of Canadian Operations, has a 40-year career in plant and animal genetics programs and is co-owner of certified organic Fieldberg Farm which has been growing, processing and marketing hemp products since 2011.
About INCA Renewtech Inc.
INCA Renewtech is forging a new path to global leadership in natural fibre composites. Leveraging our globally recognized expertise in plant genomics, hemp cultivation, fibre processing and composites manufacturing, we will deliver high performance materials to the transportation, consumer products and building materials industries. Our products will sequester carbon, reduce deforestation, plastics pollution and GHG emissions while delivering stronger, lighter, cost-competitive solutions to our customers. More information about INCA is available at www.incarenewtech.com