Intelligent Power Generation, a British climate-tech company, announces a £2 million first close of their latest funding round. The new capital will support continued development of their turbine technology designed to accelerate the decarbonisation of fuel-based power.
Intelligent Power Generation (IPG) has secured £2 million towards their Series A funding round led by a consortium of experienced angel investors, with a further £1-2.5 million to be raised before final close. The new funds will be used to continue product development and deliver units for technical demonstration with a world-leading commercial partner.
"We are excited to announce this latest investment, as we strive to bring to market a power generation technology that can de-risk the switch to renewable fuels, and help accelerate our green energy transition," said Toby Gill, CEO of IPG. "Our investors recognise the potential of our technology in supporting our mission to reinvent fuel-based power for the renewable future and end our reliance on the diesel generator."
"The financial support announced today, which includes continued support from our early investor, comes at a great time for IPG as we come into the final weeks of our pilot project with Highways England. This new funding will continue product development of our Flameless Ceramic Turbine and better position us for undertaking a series of commercial trials."
IPG's innovation in fuel-flexible flameless combustion represents a significant step in addressing the challenges of decarbonising the distributed fuel-based power sector. Their flagship product, the Flameless Ceramic Turbine, is designed to deliver pollutant-free power from any fuel, enabling businesses to transition from natural gas sources to alternative fuels such as hydrogen and biogas. As a 100kW modular generator, operating with efficiencies comparable to centralised power plants, IPG's technology reduces the environmental impact of fuel-based power, all at a cost competitive with the diesel generator.
"The need to take immediate action to end our reliance on fossil fuels is undeniable, but the route to doing so is yet to be defined. There is tremendous untapped potential in leveraging technological innovation to unlock the transition to hydrogen and biofuels," said Ian Marchant, non-Executive Director of Aggreko, Chairman of Thames Water plc. and Advisory Board member of IPG.
"With breakthroughs in flameless combustion and ceramics, IPG's technology will play a leading role in allowing the use of clean fuels, at high efficiencies, in a wide variety of uses. After working with IPG for several years, I am pleased to support their latest funding round, as they continue commercialisation of this truly disruptive technology."
To learn more about IPG's Flameless Ceramic Turbine, join this latest funding round, or find out how to get involved in their future commercial trials, visit www.inpowergen.com.