Engineered Propulsion Systems completes $900,000 funding round
Engineered Propulsion Systems, a New Richmond-based advanced manufacturing company, has just completed a funding round of $900,000.
The funding will go towards seeking certification for its Graflight V-8 engine, envisioned as a “greener” diesel engine to replace traditional gas engines for civilian and military aircraft.
Designs for the engine, as well as the production facility, must be certified by the Federal Aviation Administration before the company moves forward with the production phase.
According to CFO Paul Mayer, the project has been seven years in the making for the 10-year old company, and is only one year from being completed. Funding rounds like the one just completed have supported the time-consuming process of being certified.
Once the process is done, however, Mayer anticipates a receptive market. Read the full story here.