Engineered Propulsion Systems, Inc. (EPS) raised $1.52 million in venture capital in July 2018 from undisclosed investors.
The raise included an undisclosed amount of convertible debt financing.
The company, headquartered in New Richmond, Wisconsin, was co-founded in 2006 by Michael Fuchs, President and CEO, and Steven Weinzierl, Vice President and CTO.
At a glance:
EPS manufactures a state-of-the-art lightweight diesel engine, the Graflight V-8. The first-of-its-kind engine boasts “the best fuel economy in the business,” as much as 40 percent in fuel saving matched against comparable turbine engines.
EPS also claims 15 percent better fuel efficiency compared with other aviation diesel engines. Additionally, EPS touts CO2 emissions reductions of 30 percent over comparable Avgas engines and 17 percent over competing diesel engines.
Earlier this year, EPS completed a testing facility at its headquarters in New Richmond, increasing capacity for testing, inspection, and assembly, while it seeks certification for its Graflight V-8 engine.1
Funding details were made available by Pitchbook.com.