In addition, two unnamed strategic investors also participated in the round.
Targeting the $12bn North American engine market, ICR has developed its proprietary the ICR350 engine, which it claims is a more efficient model for those currently used in highway transportation and other mobile users, as well as powering oil and gas operations.
“With this first round of institutional financing, we are well-positioned to continue ongoing engine testing and development and to initiate commercialisation with OEM partners in heavy-duty truck transportation and on-site power generation,” said Frank Trotter, president and CEO of ICRTec.
Andrew Garman, from New Venture Partners, added, “ICRTec is a great example of how to spin out exceptional technology from a corporate entity, in this case Brayton Energy , and bring it to market more quickly.”
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