In New Mexico, BayoTech, Inc., developer of advanced chemical reactors for the distributed production of hydrogen and fertilizers, closed a $12.5 million Series B round of financing. BayoTech also welcomed one of the world’s largest fertilizer companies as a strategic partner and investor.
The partner participated in the Series B round of financing along with Series A investors Cottonwood Technology Fund and Sun Mountain Capital. The funds will be used to expand the company’s infrastructure and complete the commercialization of its technology.
“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 utilization. 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.” said Justin Eisenach, President and CEO of BayoTech.