New Venture Partners (NVP), a venture capital firm dedicated to corporate technology spin-outs, has led a $10m Series A into CR Turbine Engine Corporation (ICRTec), a developer of turbine engine that uses advanced ceramics. There was also involvement from two undisclosed strategic investors.
Andrew Garman, a managing director with NVP, joins ICRTec’s board along with the deal
Frank Trotter, chief executive at ICRTec commented: “With this first round of institutional financing, we are well-positioned to continue ongoing engine testing and development and to initiate commercialization.
ICRTec won the 2011 Clean Energy Venture Award winner, from the US Department of Energy’s National Renewable Energy Laboratory (NREL).