AEP start-up EtaGen, founded by former Tesla mechanical engineer Shannon Miller, has raised $83m in series C funding from AEP, Centrica, and the venture arm of Statoil, bringing total funding to $133m. EtaGen has developed a "linear generator", a piston-free engine that it said uses a low-temperature reaction of air and fuel to drive magnets through copper coils and efficiently produce electricity. The latest funding will be used to help commercialise the technology.
Californian start-up EtaGen, founded by former Tesla mechanical engineer Shannon Miller, has raised $83m in series C funding from AEP, Centrica, and the venture arm of Statoil, bringing total funding to $133m. EtaGen has developed a "linear generator", a piston-free engine that it said uses a low-temperature reaction of air and fuel to drive magnets through copper coils and efficiently produce electricity. The latest funding will be used to help commercialise the technology.