Hydrogen engine developer Carnot seeking investment through Crowdcube
Carnot, the developer of a hydrogen combustion engine, has partnered with Crowdcube to launch an equity crowdfund campaign to fuel its production of a prototype. The company is seeking GBP170,000 to build and test a prototype by April 2021.
Owing to its unique layout, Carnot's technology offers a significant increase in efficiency which equates to twice the power for every litre of fuel when compared to a standard diesel engine.
The founding team of Archie Watts-Farmer, Francis Lempp, and Nadiur Rahman started Carnot because: “We wanted to tackle climate change head on by developing a technology capable of reducing our carbon footprint in some of the most challenging industries to decarbonise." Carnot’s long-term goal is to roll out their engines across a wide range of industries to significantly reduce global CO2.
Carnot has also enlisted key players from the industry such as Dr Ed Wood - former Chief Designer of Williams F1, Tom Rhodes – former Head of Design of Dearmann, Bo Göransson – former chief analyst at SKF bearings.
Carnot have achieved some success already and have been awarded an Innovate UK grant worth GBP300,000. They’ve partnered with the Ethiopian Institute of Technology to develop their technology for rural Sub-Saharan African communities by using locally grown biofuels. Carnot have also been awarded a place on the UK Oil and Gas Technology Centre Tech X programme run in partnership with BP, Equinor, KPGM. The aim is to work together with the UK Oil and Gas sector by bringing their technology to the forefront, allowing the industry to significantly reduce its carbon emissions.
The funds raised through this round will help the company build a prototype which will allow it to engage large industrial partners and form a partnership to accelerate 'the path to a hydrogen future'. Carnot has also filed for patents to protect all relevant intellectual property ensuring full ownership of the technology in the years to come.
The campaign will be open for investment in the early part of August. Retail and professional investors alike can invest from as little as GBP10.