American Biomass Corp., a Manchester, N.H.-based distributor and online retailer of wood pellets and biomass fuels for residential heating, has raised $4 million in Series A funding led by .406 Ventures.
American Biomass Corporation (ABC), the leading national distributor and online retailer of wood pellets and biomass fuels for residential heating, today announced it has closed $4 million in Series A funding, led by .406 Ventures.
ABC was founded in 2006 by Jon Strimling, an MIT-educated operations expert and veteran of the wood pellet fuel industry. Mr. Strimling saw an opportunity to bring logistics best practices to bear on the fragmented supply chain to offer low-cost home-delivery of premium, branded wood pellets. ABC's national scope and technology-enabled platform enables them to manage distribution networks across the
“Solid biomass heating fuel is a domestically produced, 'here and now' renewable energy source that not only saves consumers money, but eliminates more than five million tons of incremental CO2 emissions every year,” said Liam Donohue, Managing Director of .406 Ventures. “Even before the recent rise in oil and gas prices, biomass heating has been experiencing tremendous growth in the
Solid biomass fuels, predominately wood pellets, are a domestically produced, renewable, carbon-neutral energy source that can heat homes for less than half the cost of traditional fossil fuels. Building on the increasing popularity of wood pellets, ABC is delivering tens of thousands of tons of pellets through its two e-commerce sites, www.PelletSales.com, a consumer retail site, and www.AmericanBiomass.net, a wholesale commerce site. Their patent pending software optimizes the selection, quoting and distribution of pellets enabling consumers to instantly get quotes and buy directly from their website. The company is well positioned to dominate the bulk distribution of biomass heating fuels.
Mr. Strimling commented, “.406 Ventures immediately understood the promise of biomass heating fuels and was able to provide the right amount of capital with enough reserves to continue to fund additional infrastructure as we aggressively move into the bulk market,” said Mr. Strimling. “More importantly, I teamed with .406 because of their operational orientation, extensive network and entrepreneurial approach, which has already proven very helpful in accelerating our growth. We are very excited about this partnership and the prospects for creating an industry leading company.”
About .406 Ventures
.406 Ventures (“.406”) is a venture capital firm focused on investing in market-innovative growth technology and services companies being built by the finest entrepreneurs. .406 focuses primarily on early stage, IT and services companies in sectors where the partners have unique domain expertise, a successful track record, and established networks — IT Security; Technology-enabled Business Services; Internet & Mobile; Next-Generation Enabling Technologies. More information can be found at www.406ventures.com.
About American Biomass Corporation
American Biomass Corporation provides convenient access to pellet fuels using sophisticated logistics technology and a nationwide network of fuel manufacturers, appliance retailers and distribution partners. American Biomass Corporation was founded by logistics experts from the wood pellet industry, and is venture backed by .406 Ventures. For more information about American Biomass Corporation, please visit www.pelletsales.com.