ClearFlame Engine Technologies raises $30M in Series B
10 March 2023
ClearFlame Engine Technologies has raised $30 million in Series B funding to bring to market innovative solutions that power heavy-duty engines with clean, renewable fuels and create a viable business solution to reduce carbon and soot.
ClearFlame’s solution elevates combustion temperatures in order to enable use of non-traditional fuels that fail to ignite using conventional diesel-style MCCI (mixing-controlled compression ignition) without sacrificing performance. (Earlier post.)
The latest investments were led by Mercuria Energy Group, one of the world's largest privately held energy and commodities companies, with Mercuria and Breakthrough Energy Ventures both making second investments. New investors, including mining corporation Rio Tinto, and WIND Ventures, the strategic venture arm of Copec, one of Latin America's leading mobility and energy companies, see ClearFlame as part of a holistic suite of strategies to advance environmental, social and governance (ESG) goals.
ClearFlame continues gaining momentum with technology that heavy-duty equipment users can deploy to more quickly and affordably meet critical ESG goals. Federal Department of Energy funding moved us from concept to patent. Series A funding propelled us from patent to pilot. This latest investment round can accelerate us from pilot to proven product in multiple markets, starting with long-haul trucks.—BJ Johnson, ClearFlame CEO and co-founder
The company’s patented technology runs on a range of renewable liquid fuels. It can efficiently adapt to markets such as long-haul trucking, offering the same power, durability and performance as today’s diesel engines while readily integrating into existing manufacturing, fueling, maintenance and repair ecosystems.
In pursuit of penetrating the more than $200 billion global trucking market, the company is piloting five trucks in collaboration with some of the largest fleet operators in North America. It is also exploring partnerships and applications for the mining, agriculture, and power generation sectors.
ClearFlame secured $17 million in Series A financing in 2021, led by Breakthrough Energy Ventures, with participation from Mercuria, John Deere and Clean Energy Ventures. Its initial $3 million Series Seed Financing was also led by Clean Energy Ventures and completed in early 2020.