2014 Cleantech Open Winner NG1 Technologies Secures Almost $1.5 Million to Expand Fuel Solutions That Can Significantly Impact the Transportation Industry
New Investors Rally Around the Accelerated Manufacturing and Distribution of Tech Flo Exhaust, the Company's Aftermarket Exhaust System Product
ATLANTA, Nov. 23, 2015 /PRNewswire/ -- NG1 Technologies, a cleantech solutions company and winner of the 2014 Cleantech Open, today announced it has secured almost $1.5 million in funding and will soon close its A Round. Investors include Band of Angels, which is one of the oldest seed funding organizations in Silicon Valley, Denver-based Sun Strategies as well as a private investor. NG1 will use the funding to expand the manufacturing and distribution for its current product, Tech Flo Exhaust, an aftermarket exhaust system for the transportation industry which has been proven to provide fuel savings rates in the double digits, increased engine performance and reduced emission and sound pollution benefits.
"Our new financial partners share our vision for innovative, clean technologies," says Dustin Nord, Chief Technology Officer of NG1 Technologies. "They recognize both the range of transportation applications and the volatility of the fuel marketplace. Their financial support and experienced counsel helps us capitalize on our current momentum."
Band of Angels and Sun Strategies identified the viability of NG1 Technologies' product, Tech Flo Exhaust, after understanding how it provides fleet owners and independent truck drivers in the transportation industry with immediate financial and environmental benefits.
"NG1 Technologies has developed a cleantech solution unlike any other in the market," says Ed Manners, Chairman and CEO of Sun Strategies. "They impressed us with the Tech Flo Exhaust system, which scores a double-digit fuel savings rate that beats anything in market today. In addition, the leadership has already secured its U.S. patent, ensuring market protection for the technology."
"We were attracted to NG1 Technologies as an investment due to the proven energy savings and environmental gains provided by the Tech Flo Exhaust system for a variety of transportation and industrial industries," says Etienne Deffarges, a Band of Angels member. "In less than a year, the company has proven the integrity of its product through national recognition and reputable, third-party testing."
In addition to supporting the growth of the company and its manufacturing facilities, portions of the funding will be dedicated to continue the current testing, research and development in the areas of fuel savings and emissions reduction.
About NG1 Technologies
NG1 Technologies, a cleantech solutions company, provides the transportation industry with some of the most advanced fuel savings, increased engine performance and reduced emission and sound pollution benefits on the market. A 2014 recipient of the Cleantech Open award, the company's signature offering, the TechFlo Exhaust, is an aftermarket exhaust system which has been proven to provide fuel savings rates in the double digits and is designed and manufactured in America. It uses an advanced application of fluid dynamics to enhance the efficiency of diesel engine fleets operating within numerous fields, including shipping and delivery, logistics, agriculture, oil and gas, stationary and utilities. Headquartered in Atlanta, the NG1 Technologies leadership is built on decades of knowledge and insight in transportation, mechanical engineering and manufacturing. For more information on the company and its solutions, visit www.ng1techflo.com.
SOURCE NG1 Technologies
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