BLOOMFIELD, Conn., Sept. 27, 2023 (GLOBE NEWSWIRE) -- LiquidPiston, Inc., a leading innovator of efficient rotary engine technology and hybrid power systems, today announced its plans to close its current equity crowdfunding round on October 24, 2023. The round, which has received commitments of $20 million in investment so far, will serve as a springboard for the company’s continued innovation in lightweight rotary engines.
This round, which has attracted investment from over 7,000 individual investors, is the company’s second successful Reg A+ equity crowdfunding campaign. This second campaign is well on its way to reaching the round’s fundraising cap of $30 million, and on pace to convincingly surpass the first campaign’s $16 million total.
“We are thrilled to see that investors share our vision for the future of mobile power and transportation,” said Alec Shkolnik, CEO and co-founder of LiquidPiston. “This raise will help support our ongoing work to build a new class of engines for a wide spectrum of military and commercial hybrid-electric applications.”
LiquidPiston’s fundraising efforts reflect the company's continued momentum as of late. In the past year, the company has increased its work with the Department of Defense, highlighted by a $9 million contract from the U.S. Army to develop a prototype core engine, an $8.3 million contract to revolutionize battlefield power generation for the U.S. Army, and notification of a pending $15 million STRATFI Award from the U.S. Air Force.
In addition to its work with the military, LiquidPiston has made inroads on commercial applications of its technology. In April 2023, the company announced its intent to commercialize its XTS-210 engine. The 25-horsepower, two-stroke, supercharged, liquid-cooled, 210cc rotary engine is the latest generation of LiquidPiston’s X-Engine™ platform architecture and will meet the needs of a variety of heavy-fuel applications.
LiquidPiston has 82 patents issued and pending, and is currently engaged in advanced prototype development. As such, the company’s revenues at present are generated primarily from engineering services. The company reached profitability in 2022 with revenues of $6.7 million. In the first half of 2023, the company has already seen revenues grow to $5.75 million, a 62% increase year over year for the period.
To learn more about investment opportunities with LiquidPiston, please visit invest.liquidpiston.com/.*
*This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment. For more information about this offering, please view LiquidPiston’s Offering Circular and Related Risks.
About LiquidPiston
LiquidPiston, Inc., a technology startup based in Bloomfield, CT, is leading the power systems industry’s development of combustion engines that are scalable (from one horsepower (hp) to over 1,000), compact (delivering 1.5 hp/lb), and capable of utilizing efficient fossil or renewable fuel. The company’s patented High-Efficiency Hybrid Cycle™ (HEHC), aka “The Shkolnik Cycle”, and engine architecture innovation support next-generation fuel-energy conversion solutions for hybrid power systems, including for UAS, mobile power generation, and APU applications.
To learn more, visit www.liquidpiston.com.
Media Contact
Jon Keller
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