Michigan Pre-Seed Capital Fund
is investing $250,000 into NextCAT, providing another seed capital boost for the Techtown-based start-up.
The 1-year-old biodiesel firm employs seven people and expects to add a couple more in the early months of next year. Another part of its plan is to find and outfit a manufacturing facility, part of which will be paid with this latest investment. NextCAT has also received $100,000 in micro loans earlier this summer.
"We're hoping to put a dormant facility in a Michigan community to work early next year," says Chuck Salley, president and CEO of NextCAT
NextCAT is utilizing technology developed at Wayne State University
to push forward the development of biodiesel. This technology allows biodiesel producers to use less-expensive raw materials for production, simplifying the process.
Source: Chuck Salley, president and CEO of NextCAT
Writer: Jon Zemke