Phytonix Corp., a solar chemical company based in Black Mountain, has raised $1.7 million in equity and options, according to a filing with the Security and Exchange Commission.

Black Mountain-based Phytonix will use a portion of the proceeds for executive compensation. Of the $3 million total offering amount, $1.2 million is remaining to be sold.

Phytonix, formally known as Planktonix, aims to create a solution to energy dependency and climate change through the production of sustainable chemicals and fuels from carbon dioxide.

The company’s CEO and founder is Bruce Dannenberg. His industrial career has focused on the management of the technology commercialization process and of manufacturing high technology processes and products.

He has been involved in the semiconductor industry, the biotechnology industry, and the capital markets arena.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but must file what’s known as a Form D electronically with the SEC after they first sell their securities.