LiquidPiston, Inc., a Bloomfield, CT-based developer and manufacturer of a compact, efficient Internal Combustion Engine (ICE), closed a $5m Series B financing round.Investors include Northwater Capital and Adams Capital Management, which were joined by undisclosed angel investors.
Commenting on the funding, David Patterson, CEO of Northwater Capital, said: “We believe this next phase of development will deliver clear proof points to our prospective corporate partners that High-efficiency hybrid cycle (HEHC) engines are ready for commercialization”.
Co-founded by Nikolay and Alec Shkolnik, LiquidPiston develops rotary internal combustion engines based on an innovative thermodynamic cycle. These engines are designed to increase average-load efficiency to above 50%, thereby reducing fuel consumption by as much as threefold over conventional engines.
FinSMEs
26/01/2011