ClearFlame raises $30 million in new funding
By Mike Brezonick10 March 2023
ClearFlame Engine Technologies announced it has raised $30 million in Series B funding to bring to market solutions that power heavy-duty engines with clean renewable fuels and create a viable business solution to reduce carbon and soot.
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 include mining corporation Rio Tinto, and WIND Ventures, the strategic venture arm of Copec, a Latin American mobility and energy company..
“ClearFlame continues gaining momentum with technology that heavy-duty equipment users can deploy to more quickly and affordably meet critical ESG goals,” said BJ Johnson, ClearFlame CEO and co-founder. “Federal Dept. 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.”
ClearFlame’s patented technology runs on a range of renewable liquid fuels. It can efficiently adapt to markets like 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.
The company is currently piloting five trucks in collaboration with fleet operators in North America. It is also exploring partnerships and applications for the mining, agriculture, and power generation sectors.
“The diesel engine is the backbone of heavy industry and its advantages make it hard for clean alternatives to compete,” said Carmichael Roberts, Breakthrough Energy Ventures. “ClearFlame has pulled together a new generation of entrepreneurs and veteran engineering talent that have unlocked a viable, cutting-edge solution.”
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.