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Back You are here: Home Business Finance EcoMotors Series C round collects $32.5 million

Finance

EcoMotors Series C round collects $32.5 million

Michigan-based startup EcoMotors International has completed its Series C round, gaining new investments totaling $32.5 million for their low-emission "Opoc" engine.

"Opoc" stands for opposed piston-opposed cylinder, a description of an engine that can run on a number of different fuels including gasoline, diesel and ethanol.

Comprised of 60 percent fewer components than conventional engines – it eliminates the need for the cylinder-head and valve-train components – it is lighter and more compact, resulting in a 50 percent reduction in both fuel consumption and greenhouse gas emissions, according to the company.

Braemar Energy Ventures lead this funding round which was also participated in by existing investors, Microsoft founder Bill Gates and Khosla Ventures. Mr. Gates led the Series B funding round while Vinod Khosla's Khosla Ventures is a founding investor.

The funding will allow EcoMotors to expand its research and development capability to the next stage of diesel engine development with two customers, Navistar and Zhongding Holding Group.

EcoMotors was established in early 2008 to commercialize the Opoc engine as a potential replacement for internal combustion engines.

The new capital will also enable the acceleration of the creation of a gasoline version of Opoc for cars, light trucks, hybrids and extended range electric vehicles.

Braemar Energy Ventures is a venture capital fund that makes early- to mid-stage investments in energy technology companies. Braemar managing director William D. Lese will also be joining the EcoMotors board of directors. – EcoSeed Staff



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