EcoMotors is a Michigan-based automotive company that is betting on fossil fuel-powered engines. They believe this could be more fuel efficient than internal combustion engines.
The $18 million was provided by Chinese automotive company Zhongding Holding Group and Michigan-based engineering company Global Optima. EcoMotors raised a previous round of $2.75 million from Khosla Ventures. EcoMotors started in 2007 and raised $63 million from the Michigan Economic Development Corporation since they started. [VentureBeat]