Tech Transfer eNews Blog
Industry-Sponsored Research Management sample issue

U of Maryland start-up raises $1.45 for its novel jet engine technology


By Jesse Schwartz
Published: April 11th, 2018

A startup from the University of Maryland (UMD) College Park has raised $1.45 million to develop and commercialize a new jet propulsion technology.

North American Wave Engine Corporation is working on a jet engine that has no moving parts, also known as a wave engine. The resulting technology would offer a cheaper and more fuel-efficient alternative to current jet engines.

The $1.45M funding round was organized by the University System of Maryland Momentum Fund and the Baltimore-based Abell Foundation, each of which contributed $350,000. Other investors include Gula Tech Adventures and former CEO of Harpoon Medical Bill Niland.

The start-up will use the funds to perform flight testing at UMD’s Unmanned Aircraft Systems site. It also plans to enter the new TechPort @ The Airport incubator near Naval Air Station Patuxent River in St. Mary’s County.

“We’re excited that this innovative technology is expected to seed a new industry that, looking ahead, will create manufacturing jobs in Baltimore,” says Robert C. Embry, Jr., president of the Abell Foundation.

Source: Technical.ly

Posted under: Tech Transfer e-News

Twitter Facebook Linkedin Pinterest Email

No Comments so far ↓

There are no comments yet...Kick things off by filling out the form below.

Leave a Comment