ICR Turbine Engine Corporation Closes $10M in Series A Financing
ICR Turbine Engine Corporation (ICRTec), a Hampton, NH-based developer of an innovative turbine engine using advanced ceramics that will replace diesels in mobile and stationary markets, has closed $10m in Series A financing.
The round was led by New Venture Partners (NVP) with participation from two unnamed strategic investors.
In conjunction with the funding, Andrew Garman, a Managing Director with NVP, has joined ICRTec’s board.
The company intends to use the capital to continue ongoing engine testing and development and to initiate commercialization with OEM partners in heavy-duty truck transportation and on-site power generation.
Led by Frank Trotter, President and CEO, ICRTec develops the ICR350™, an innovative gas turbine engine, a fuel-efficient and flexible replacement for today’s diesel engines in a variety of mobile and stationary markets, including heavy-duty truck transportation, oil and gas production and data centers. The ICR350’s unique ability to switch on the fly from natural gas to diesel makes it a major bridge to accelerate adoption of natural gas for our nation’s transportation network.