Cleantech Startup Clearflame Raises $30 Million for Heavy Duty Engine Decarbonization Solution
Cleantech startup ClearFlame Engine Technologies announced today that it has raised $30 million, with proceeds aimed at helping the company bring to market solutions to power heavy-duty engines with renewable fuels.
Founded in 2016, Chicago-based ClearFlame’s patented technology enables heavy duty diesel engines to run on cleaner burning renewable liquid fuels. While initially targeting trucking, the company is also exploring partnerships and applications for its solutions for the mining, agriculture, and power generation sectors.
ClearFlame stated that it is piloting 5 trucks in collaboration with some of the largest fleet operators in North America. The company said that its technology can offer markets like ling-haul trucking with the same power, durability and performance as diesel engines, while integrating into existing manufacturing, fueling, maintenance and repair ecosystems.
BJ Johnson, ClearFlame CEO and co-founder, said:
“ClearFlame continues gaining momentum with technology that heavy-duty equipment users can deploy to more quickly and affordably meet critical ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More goals.”
The Series B funding round was led by energy and commodities company Mercuria Energy Group, and also included existing investor Breakthrough Energy Ventures, who led ClearFlame’s $17 million Series A financing in 2021. Additional investors in the current round included Rio Tinto, and mobility and energy company Copec’s strategic venture arm WIND Ventures.
Boris Bystrov, Managing Director at Mercuria, said:
“Mercuria was an early adopter of various environmentalEnvironmental criteria consider how a company performs as a steward of nature. More products in its portfolio and has committed more than fifty percent of all new investments to the energy transition. Mercuria’s strategic investment in ClearFlame’s technology reflects the company’s continued commitment to renewable 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.”
ClearFlame Chief Technology Officer and co-founder Julie Blumreiter added:
“The effort to achieve a sustainable clean energy and fossil-free future has to be inclusive and comprehensive. We welcome all partners who see our innovation as a means to make tomorrow’s ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More goals today’s realities.”
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