Rivertop Renewables Awarded $200,000 State Economic Development Grant
Montana Department of Commerce Grant to Fund New Equipment as Company Continues Towards Commercialization of Renewable Chemicals
(March 14, 2011) MISSOULA, Mt. -- Rivertop Renewables (www.rivertop.com), a Montana-based renewable chemicals company, today announced it has been selected to receive a $200,000 grant from the Montana Department of Commerce for the purchase of advanced chemical and engineering equipment. The grant will help drive local economic development by supporting the company’s ongoing expansion and by creating new, well-paying jobs at Rivertop’s Missoula headquarters. The funding comes from the state’s Big Sky Economic Development Trust Fund (BSTF) and was awarded to Rivertop through the City of Missoula. Grant funds for the purchase of equipment will come to Rivertop quarterly as the company works toward its goal of hiring more than 25 new employees over a two-year period.
“Rivertop is proud to partner with the Montana Department of Commerce and the City of Missoula to create well-paying, clean technology jobs right here in Missoula,” said Jere Kolstad, Chief Financial Officer for Rivertop. “This grant will make it possible for us to have the equipment we need to continue to grow our business and commercialize a new generation of cleaner, safer, and more sustainable chemicals.”
The BSTF program is a state-funded program designed to aid in the development of well-paying jobs for Montana residents and to promote long-term economic growth across the state. The City continually works with the Department of Commerce to seek regional economic development opportunities, creating jobs at the most local level.
“This is the kind of growth we like to see in Missoula, and I’m happy to support Rivertop Renewables,” said Missoula Mayor John Engen. “It’s innovative, it’s clean and it provides good salaries for Missoula residents. What’s more, their cleantech products help us all live responsibly in the world.”
Rivertop has developed a breakthrough technology to produce renewable chemicals in a scalable and cost-effective manner. The company’s first product is glucaric acid, which has been recognized by the Department of Energy (DOE) as one of the top 12 chemicals of the future made from renewable sources. Rivertop initially plans to use its glucaric acid as an effective and cost-competitive replacement for phosphates in the multi-billion-dollar global detergent market. Other near-term market opportunities for glucaric acid include use in corrosion inhibitors to protect infrastructure and advanced biodegradable polymers.
About Rivertop Renewables
Based in Missoula, Montana, Rivertop Renewables is innovating a new category of science – Progressive Chemistry. Merging proven science with renewable resources, Rivertop Renewables is creating an abundant and economical supply of sustainable, biodegradable and nontoxic chemicals and bioproducts derived from renewable plant sugars. In 2009, Rivertop was a national finalist in the Cleantech Open, the nation’s premier business plan competition for clean tech startups. More information is available at www.rivertop.com.