Connecticut Innovations announced another $800,000 round of funding for startups Tuesday, including a $150,000 investment into a Bridgeport oil company.
CI is the state’s quasi-public financing entity aimed to help companies start and grow in the state.
Based in Bridgeport, American Oil Solutions is among the five technology startups to receive a CI pre-seed investment this round to ramp up product development. The clean technology company has developed a new, pollution-free way of turning used tires into lucrative products such as gas, oil, scrap steel and carbon char.
The company plans to reuse the gas for its own energy needs and sell the remaining products to commodity dealers.