Wave Engine Corporation Raises $3.5 Million in Latest Financing Round

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BALTIMORE--(BUSINESS WIRE)--North American Wave Engine Corporation ("Wave Engine Corp."), a leading innovator in the development of next-gen high-performance propulsion systems and aerial vehicles, today announced it has raised $3.5 Million in a second seed round of investment led by Gula Tech Adventures. Other participating investors include Kevin Mahaffey, the Abell Foundation, the Maryland Momentum Fund, and Asymmetry Ventures. The company also announced its new 7,500 sq. ft. facility in Baltimore city to accommodate plans for future growth centered around continued development and manufacturing of engines and aircraft.

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"After significant technological advancement and demonstration over the last few years, we are now focused on the commercialization and deployment of our technology for industry and government partners," added Daanish Maqbool, CEO of Wave Engine Corp. "We appreciate the support of our investors and partners in developing the technologies and solutions that can have a transformational impact on the aviation industry."

Wave Engine Corp. is developing a low-cost, fuel-versatile, and sustainable jet propulsion technology that requires no moving parts for operation. The company's engine technology utilizes pressure waves, instead of rotating machinery, to generate thrust for aircraft propulsion. With reduced production costs and lower maintenance requirements, the compelling economics of the propulsion technology has significant implications for both commercial and defense aviation sectors.

The company previously raised $1.45 million in a seed round of investment in 2018. This was followed by a $2.85 million investment by DARPA in 2019 and successful flight demonstrations in 2020. In 2021, Wave Engine Corp. announced a $1 million contract with the USAF Armament Directorate to build and demonstrate an air-launched vehicle as part of the USAF's efforts to develop high-impact technologies critical to the future of aviation and aerial combat.

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About Wave Engine Corporation

Based in Baltimore, Wave Engine Corp. is a focused group of scientists, engineers and former Fortune 500 executives leveraging technological developments in propulsion, acoustics, and combustion control to develop next generation aircraft and propulsion systems. Wave Engine Corp.'s technology enables significant reduction in the cost and complexity of jet propulsion, making it practical for a wide variety of aviation platforms for which jet propulsion was previously cost-prohibitive. Learn more at http://wave-engine.com.

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Daniel Cherrin, 313-300-0932, dcherrin@northcoaststrategies.com
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