Eco-Fueling recently received a microloan from the Michigan Microloan Fund. But instead of using that money to develop its product, it used the funds to further develop it.
The Saline-based start-up is commercializing a retrofit device for diesel engine vehicles that increases fuel economy while reducing emissions using an ethanol additive. The bottom-line is better fuel economy. The microloan paid for independent testing of the product, further proving its performance.
"We have independent results that show 10-12 percent better fuel economy," says Paul Chandler, CEO of Eco-Fueling
. He adds that the independent testing has helped his company "enormously" when it comes cultivating a customer base.
Eco-Fueling and its team of three employees and stable of independent contractors are still in the pre-production phase of developing a prototype for their technology. The company recently added a couple of people to its team thanks to the microloan and hopes to begin selling its technology within the year.
"We will grow exponentially when we get to the need for manufacturing and installation," Chandler says.
Source: Paul Chandler, CEO of Eco-Fueling
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.