March 9, 2023, Geneva, Illinois – ClearFlame Engine Technologies, located in Chicago, has secured USD 30 million in Series B investment to commercialize cutting-edge technologies that run heavy-duty engines on clean, renewable fuels and develop a workable commercial strategy to cut carbon and soot.
One of the world’s largest privately owned energy and commodities corporations, Mercuria Energy Group, led the most recent investments. Mercuria and Breakthrough Energy Ventures each made a second investment. New investors see ClearFlame as one of a comprehensive set of strategies to advance environmental, social, and governance (ESG) goals. These investors include the mining company Rio Tinto and WIND Ventures, the strategic venture arm of Copec, one of Latin America’s leading mobility and energy companies.
BJ Johnson, chief executive officer and co-founder of ClearFlame, said the firm “continues to gather pace with technologies that heavy-duty equipment customers can implement to more rapidly and inexpensively fulfill essential ESG goals. We developed our idea into a patent with help from the Federal Department of Energy. We went from a patent to a pilot thanks to Series A investment. Thanks to the most recent financing round, we can quickly move from a pilot to a tested product in several industries, starting with long-haul trucks.”
Various liquid renewable fuels can power the company’s proprietary technology. It can easily integrate into current manufacturing, fuelling, maintenance, and repair ecosystems while providing the same power, durability, and performance as current diesel engines in industries like long-haul transportation. In cooperation with some of the biggest fleet operators in North America, the business is testing five vehicles to break into the more than USD 200 billion global transportation sector. In mining, agriculture, and power generation, it is also looking at collaborations and applications.
According to Boris Bystrov of Mercuria, the company invested more than half of all new investments in the energy transition. It was an early user of several environmental goods in its portfolio.
According to a statement from the business, “Mercuria’s strategic investment in the ClearFlame’s technology reflects the company’s continued commitment to renewable and sustainable fuels as part of the energy transition and its belief that ClearFlame’s technology can economically decarbonize the heavy-duty industry by utilizing the existing liquid fueling infrastructure.
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