ClearFlame Engine Technologies has announced that it has secured US$17m in Series A financing, enabling commercialization of the company’s engine technology for the long-haul trucking, agriculture and power generation sectors.
Previously, ClearFlame has received US$4m in non-dilutive and grant funding from the likes of Iowa, Minnesota, Kansas and Illinois Corn Growers Associations, the National Science Foundation, and the Department of Energy. The company also completed its US$3m Series Seed financing in early 2020, led by Clean Energy Ventures. The latest round of funding was led by Breakthrough Energy Ventures with participation from Mercuria, John Deere and Clean Energy Ventures.
“Our technology will enable the rapid decarbonization of diesel-dominated sectors, and this funding advances our path to commercialization with demonstration trucks on the road by the end of this year, in parallel with agricultural equipment and generator set deployments in 2022,” said BJ Johnson, ClearFlame CEO and co- founder.
The company’s technology enables low-carbon, renewable fuels such as ethanol to be integrated into existing diesel engine platforms, offering a solution that the company claims offers lower emissions than diesel fuel at a lower cost.
“While we’re excited about greater adoption of EVs and hydrogen-fueled mobility, we need different types of innovation to address hard-to-decarbonize industries,” said Carmichael Roberts, Breakthrough Energy Ventures. “ClearFlame’s engine modification technology makes it easy and economical to move away from fossil fuels, while keeping the efficiency and durability of the diesel engine – it’s a win-win.”