Carnot launching £2m Seed funding round

 

Long-haul transport & heavy-duty power currently account for about 6.6billion tonnes of CO2e annually, or 13% of global emissions.

 

 

 

Carnot is developing technology to help rapidly, affordable and practically decarbonise these hard to abate applications with the world’s most efficiency, zero emission, fuel agnostic engines.

To accelerate our development and maximise on some very exciting recent opportunities, we are launching a £2m seed round to fund the next phase of our development. The round is being anchored by a Mitsubishi Corporation & NYK Line start-up program with both companies providing the potential for significant future strategic partnerships, as manufacturing & end user collaborations. We have also been awarded a £350,000 Clean Maritime Demonstrator Competition grant to advance our Zero emission, hydrogen/ammonia auxiliary power unit for the maritime industry.

The round itself will be made up from a combination of existing investors and our third CrowdCube round. We have previously delivered two very successful and heavily oversubscribed crowdfunding rounds and excited to be back for our third! There is also opportunities for Angel Syndicates & early stage VCs to join the round!

For clarification or any further questions on the round, please get in contact with George Hunter at george@carnotengines.com

So what are the plans?

 

We are looking to raise a total of £2 million to delivery the Phase 2 Engine. This will be the lab demonstrator which will form the key for future field trials.

The round will be made up of:

  1. Existing investors – Our existing investors include both Angels & Crowdcube. We have completed two very successful and oversubscribed crowdfunding rounds so far and very excited to be doing a third.

 

  1. Strategic & Institutional Investors – We are in discussions with a number of Corporate, early stage VC and Angel syndicates to complete the round.

Deliverables achieved last round

 

There were 2 core objectives which needed to be achieved over the last year and we are delighted to announce, we have exceeded targets!

The three specific required deliverables were:

  1. Validate our engineering methodology – our rapid pace of innovation relies heavily on a process of simulation and modelling. We validate our predictions accurately reflect real world test results and with a very high degree of accuracy.
  2. Manufacturability – We produced the parts we need to the tolerances and in a form which will be scalable and economical. this is especially critical for the ceramic components.