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September 27, 2023

LiquidPiston raises $20M in crowdfunding ahead of Oct. 24 deadline

PHOTOS | CONTRIBUTED Alec Shkolnik is the CEO of Bloomfield-based LiquidPiston, which is developing an efficient combustion engine for the Department of Defense.

A Bloomfield-based manufacturer has raised $20 million from more than 7,000 people in its current equity crowdfunding round, the company announced this week.

LiquidPiston Inc., a rotary engine and power systems technology company, said it plans to close its current equity crowdfunding round on Oct. 24. The round, which began in late 2022, has received commitments of $20 million in investments so far from more than 7,000 different investors, the company said, and is on pace to reach its cap of $30 million. This is LiquidPiston’s second equity crowdfunding campaign — the company’s first raised $16 million.

Company officials said this latest funding round will allow it to continue to develop its lightweight rotary engines technology.LiquidPiston became profitable in 2022, company officials said, with revenues totalling $6.7 million last year. The manufacturer said it reached $5.75 million in revenue in the first half of 2023, which represents a 62% increase year-over-year.
    
“This raise will help support our ongoing work to build a new class of engines for a wide spectrum of military and commercial hybrid-electric applications.” LiquidPiston CEO and co-founder Alec Shkolnik said in a statement.

On the heels of several new contracts from the U.S. Department of Defense, LiquidPiston earlier this year unveiled an expansion of its Bloomfield facility bringing the company’s presence in town to 16,000 square feet.

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