ALBUQUERQUE, N.M. — Transportable production plants that directly supply fuel for hydrogen-powered cars at gas stations, and nitrogen fertilizer on-site to farms, are a step closer to market thanks to a new $2 million venture investment in Albuquerque-based BayoTech Inc.
Gov. Susana Martinez announced the funding Monday at BayoTech’s 5,000-square-foot facility near the Albuquerque Balloon Fiesta Park, where the company is building its modular chemical production units. The investment includes $1 million from Cottonwood Technology Funds — $300,000 of which comes from the state’s new Catalyst Fund — plus $1 million from another unnamed venture investor.
BayoTech is the first company to benefit from the state’s $20 million Catalyst Fund.
“New Mexico has great potential to be the next technology startup capital of the U.S.,” Martinez told event participants. “This is a homegrown New Mexico startup with the potential to grow into a $1 billion company…