LiquidPiston Secures Funds to Build Prototype HEHC Engine
U.S. engine technology developer LiquidPiston has closed its first venture capital investment round with Adams Capital Management and Northwater Capital. The company is developing a new patent-pending ‘High Efficiency Hybrid Cycle’ internal combustion engine that “exploits heretofore untapped thermodynamic design space”.
A runner-up in MIT's 2004 Entrepreneurship Competition, LiquidPiston announced a $70,000 Phase I grant from the Army Small Business Innovation Research (SBIR) programme earlier this year. The father-son team led by immigrant physicist Nikolay and his son Alexander Shkolnik, a graduate student in MIT's department of Electrical Engineering & Computer Science, will use this latest $1.25 million seed round of venture capital to build and test a working prototype.
"The potential of this technology is tremendous, and the interest we are seeing from both the public and private sectors is very encouraging," according to Dr. Ed Crow, a retired senior vice president of Pratt & Whitney and an advisor to LiquidPiston. "With this latest round of investment, LiquidPiston is on its way to achieving its goal of revolutionizing the $250 billion market for internal combustion engines."
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