INCA Renewtech Raises $4.5 Million For Natural Fibre Composites
Kelowna’s INCA Renewable Technologies has closed a $4.5 million Series A financing round.
INCA is a manufacturer of natural fibre composites.
Experienced in fibre processing and bio-composites manufacturing, INCA produces compounded pellets that are intended to replace fibreglass in the production of automotive interiors and consumer products. It also produces large dimension panels that are a direct replacement for the rainforest plywood currently used in recreational vehicles (pictured), furniture, flooring and movie sets.
According to INCA Chairman and CEO, David Saltman, the funding will allow INCA to complete the design and engineering of their fibre processing facility in Western Canada and their bio-composites factory in Elkhart County, Indiana.
“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 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.
Originally published by Techcouver.