The company opened the round in April of this year. According to a filing with the Securities and Exchange Commission, $150,000 of the funds raised will go toward salaries for executives, directors or promoters.
EPS is developing an aviation engine which is expected to produce fewer CO2 emissions than traditional diesel engines.
See an earlier story on the company: http://wisbusiness.com/index.iml?Article=384536
See the SEC filing: http://www.sec.gov/Archives/edgar/data/1507128/000150712818000013/xslFormDX01/primary_doc.xml
See video of a test-flight with a proof-of-concept engine: http://eps.aero/the-eps-engine/flight-testing/
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