Companies looking to innovate technology for the agriculture industry have found a home in Chicago. The city and its surrounding areas have seen numerous agtech announcements as of late, including funding for an autonomous tractor startup and the opening of a John Deere tech hub. Now another local company, which recently secured funding, is looking to break into the agtech industry.
ClearFlame Engine Technologies, a company that develops technology for diesel engines to run on renewable liquids, secured $30 million in a Series B funding round on Thursday. Mercuria Energy Group led the raise.
ClearFlame CEO and co-founder BJ Johnson, said in a statement that the company previously received funding from the Federal Department of Energy, which helped it move from concept to patent. In 2021, ClearFlame’s Series A round moved the company and its tech from patent to pilot.
“This latest investment round can accelerate us from pilot to proven product in multiple markets,” Johnson said.
ClearFlame engines run on patented technology that, according to the company, offers the same power output as regular diesel engines and can offset an average of 35,000 pounds of carbon emissions each year.
With the Series B funding, ClearFlame will pilot five trucks using its tech in long-haul trucking scenarios. It will also explore new partnerships to adapt its technology for the agricultural, mining and power generation sectors.
Prior to this latest funding round, ClearFlame had raised $21.1 million in funding, according to Crunchbase. Its Series A round netted the company $17 million and was led by Breakthrough Energy Ventures. The firm also participated in the Series B raise.
“ClearFlame has pulled together a new generation of entrepreneurs and veteran engineering talent that have unlocked a viable, cutting-edge solution,” Carmichael Roberts, business lead at Breakthrough Energy Ventures, said in a statement.
