“With this first round of institutional financing, we are well-positioned to continue ongoing engine testing and development and to initiate commercialization with OEM partners in heavy-duty truck transportation and on-site power generation.”
Hampton, NH (PRWEB) November 21, 2012
ICR Turbine Engine Corporation (ICRTec), developer of an innovative turbine engine using advanced ceramics that will replace today’s diesels in mobile and stationary markets, today announced that it has closed $10 million in Series A financing led by New Venture Partners (NVP) with participation from two strategic investors. Andrew Garman, a Managing Director with NVP, joins ICRTec’s board with this announcement.
“With this first round of institutional financing, we are well-positioned to continue ongoing engine testing and development and to initiate commercialization with OEM partners in heavy-duty truck transportation and on-site power generation,” said Frank Trotter, President and CEO of ICRTec. “Our ICR350™ engine competes head-to-head on price and fuel efficiency with today’s best diesel engines and surpasses the new generation of natural gas engines, allowing us to deliver efficient transportation, grid-competitive energy, and the lowest possible emissions today without the need for any added equipment or after-treatment.”
Targeting the $12 billion North American engine market, the ICR350 is a breakthrough in turbine size and efficiency that is ideal for highway transportation and other mobile users, as well as powering oil and gas operations, data centers and a wide variety of industrial applications. Priced the same as a diesel engine, it operates on any fuel, has near-zero emissions, offers significantly better fuel efficiency, enhanced reliability, and reduced size and weight when compared to all other engine options. 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.
“ICRTec is a great example of how to spin out exceptional technology from a corporate entity, in this case Brayton Energy LLC, and bring it to market more quickly,” said Andrew Garman. “ICRTec has developed an engine that delivers on the promise of micro turbines – clean, efficient, and reliable at a low cost. We look forward to working with Frank and the team to move this flexible engine into trials in both the transportation and power-generation markets during the next year.”
ICRTec, based in Hampton, NH, is a 2011 Clean Energy Venture Award winner, from the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). It is the developer of the ICR350™, an innovative gas turbine engine that is a fuel-efficient, flexible and cost-effective 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. See http://www.icrtec.com for more information.
ABOUT NEW VENTURE PARTNERS LLC
Formed in December 2001, New Venture Partners is a pioneering venture capital investment firm focused on corporate technology spin-outs. Unlike traditional venture capital firms, New Venture Partners bridges the divide between technology corporations and traditional venture capital to commercialize innovations systematically and provide companies with an alternative path to market. Through its unique hands-on approach, working with its established network of exclusive partners and world-class R&D labs, New Venture Partners has developed an impeccable track record of successful exit valuations of venture-backed companies. New Venture Partners now has over $650 million under management. See http://www.nvpllc.com for more information.