Eco-Fueling has made its first sales and its diesel fuel technology is on the road and helping make commercial trucks more efficient.
The Saline-based startup has spent the last year field testing its technology and has finalized the specs on the software and hardware for its products. There is currently a pilot project of the prototype on recycling trucks in Australia, and Eco-Fueling is aiming to scale up its production and sales in 2014.
"We'd like to have six fleets in production and $3 million to $4 million in sales," says Paul Chandler, CEO of
Eco-Fueling.
The 3-year-old company's technology optimizes combustion in diesel engines that improves fuel consumption and lowers emissions. The firm has hired two people over the last year, including positions in business development and strategic planning. It now employs four people.
Eco-Fueling, a semifinalist at this year's
Accelerate Michigan Innovation Competition, is also looking to cap off fundraising for a seed capital round within the next few months. Chandler is aiming to close on $1 million by the first quarter of next year to help further development of the technology and scale its production.
"I have resisted raising money until we have made a production-ready system, which we do now," Chandler says.
Source: Paul Chandler, CEO of Eco-Fueling
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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