Bloomfield-based engine maker LiquidPiston has once again opened an equity crowdfunding round to aid in the development of its rotary engine technology.
This marks the seventh such crowdfunding campaign, and is the first in over a year. Previous rounds have raised more than $50 million from around 20,000 investors.
The company says it has also secured $65 million in Pentagon contracts, including a recent $35 million Air Force deal that will focus on expanding its technology into hybrid power systems and vertical takeoff and landing aircraft.
LiquidPiston was founded by father-son duo Nikolay and Alec Shkolnik almost 20 years ago. They are focused on a model they call the X engine, a lightweight rotary engine that aims to disrupt the conventional internal combustion engine market.
The funding round is tied to the U.S. Army’s August 2024 selection of LiquidPiston for the Small Business Innovation Research CATALYST program.
Money raised from investors, if followed by $3.5 million in funding from a Department of War transition partner, can unlock an additional $7 million in funding via the CATALYST program.
“The U.S. Army has a clear need for smaller, lighter, and more efficient power solutions. The Catalyst award recognizes that LiquidPiston’s X-Engine and power-systems technology has the potential to provide dramatic improvements in power density and mobility for our warfighters on the move in contested logistics environments,” said co-founder and CEO Alec Shkolnik.
The latest offering is priced at $13.50 a share, and the company is looking to raise approximately $5 million. The deadline for the raise is June 16.
The company recently expanded its Bloomfield headquarters, doubling its testing capacity on site.
