The funds will be used to expand the company’s infrastructure and complete the commercialisation of its technology. BayoTech is a developer of advanced chemical reactors for the distributed production of hydrogen and fertilizers.
The President and CEO of the company Justin Eisenach, said: “Developing sustainable technologies to feed the world's growing population is a tremendous business opportunity that requires not only improvements in fertilizer production but also improvements in fertilizer utilisation. The bayonet technology allows for local production that focuses on customized local fertilizer solutions. The technology can change the way we feed the planet's growing population. Today, we are pleased to announce that along with our venture capital partners, we have also welcomed one of the world's largest fertilizer companies as a strategic partner and investor. This partnership and commitment to innovation will help us propel BayoTech to the next stage of development.”
BayoTech claims that its new strategic partner – a key player in the global fertilizer market – took part in the Series B round of financing along with Series A investors Cottonwood Technology Fund and Sun Mountain Capital.
The Managing Director of Cottonwood Technology Fund, David Blivin, said: “It is a gratifying accomplishment to discover an innovation that has been largely overlooked at the pre-demonstration, pre-customer stage and help it advance to the point where customers are excited about the prospects for their business represented by adopting the technology. BayoTech is based in New Mexico and has Sandia National Labs roots.
“It was Cottonwood's first investment with New Mexico Catalyst Fund capital and will continue to grow and create jobs in New Mexico. We couldn't be happier to complete this round of financing and welcome our new strategic partner to the team.”
Sally Corning, Partner at Sun Mountain Capital, added: “Sun Mountain is always seeking New Mexico based companies that we believe can compete on the world stage. BayoTech is clearly demonstrating this by adding a major fertilizer company to our investor group.”
Read the article online at: https://www.worldfertilizer.com/product-news/09042018/bayotech-closes-us125-million-series-b-round-of-financing/