Automotive fuel start-up Simple-Fill receives seed funding from Ohio State University.
Ohio State University (OSU) has backed its spin-out Simple-Fill with an undisclosed sum of seed financing.
The investment was made into the automotive fuel start-up via the Technology Concept Fund, a new $1m pool supported by OSU and state development programme Ohio Third Frontier aimed at supporting technology licensed by the institution.
Simple-Fill is developing technology out of OSU’s Centre for Automotive Research which allows users of compressed natural gas (CNG) as an automotive fuel to fill up at home. Users of CNG are expected to rise to 2.4m users by 2025. However, costs of installing a CNG pump at a regular station can be up to $2m. Simple-Fill aims to counter-act this with smaller, cheaper pumps for homes and small-to-medium enterprises.
Rob Underhill, Simple-Fill’s president, said: “We see fewer major CNG stations on major thoroughfares and more distributed networks in small- and medium-sized businesses and at homes.”
The firm states on their website that they are still actively seeking investors.
