ClearFlame Engine Technologies, a Geneva, Ill.-based startup dedicated to the development of net-zero engine technology, secured $17m in Series A financing.
The round was led by Breakthrough Energy Ventures with participation from Mercuria, John Deere and Clean Energy Ventures.
The company intends to use the funds to commercialize its engine technology for the long-haul trucking, agriculture and power generation sectors.
Led by BJ Johnson, CEO and co-founder, ClearFlame Engine Technologies leverages engine technology that enables low-carbon, renewable fuels such as ethanol to be integrated into existing diesel engine platforms, offering a lower-emission, lower-cost solution than diesel fuel. A ClearFlame-enabled engine meets the performance and efficiency requirements for diesel engines while reducing greenhouse gas emissions and particulate matter, helping to improve air quality and mitigate climate change.
Previously, ClearFlame received $4m in non-dilutive and grant funding from the Iowa, Minnesota, Kansas and Illinois Corn Growers Associations, the National Science Foundation, the Department of Energy, and others. The company completed its $3m Series Seed financing in early 2020, led by Clean Energy Ventures.
FinSMEs
29/10/2021