MayMaan Research rides the WAVE to $30M investment to develop clean energy technology
By Riley Kaminer
We’re living through the clean energy revolution – and this is just the beginning. Renewable energy is the fastest-growing energy source in the United States, increasing 42 percent from 2010 to 2020. And with climate tech investment markedly on the rise, there are vast opportunities for startups devising novel technologies to help chart a cleaner energy future.
In South Florida, MayMaan Research is one of those companies. MayMaan, based in Hollywood, is on a mission to reinvent the internal combustion engine. They report that they have devised a system to efficiency run a traditional piston engine using a mixture of 70% water and 30% ethanol – no gasoline or diesel required.
This week, MayMaan announced that it has raised a $30 million Series A round from WAVE Equity Partners, an investment firm focused on clean air, water, food, advanced materials, and recycling that make a meaningful environmental impact. MayMaan will use this funding to further develop and deploy its technology.
“We believe this significant investment from WAVE demonstrates their confidence in MayMaan’s vision and leading-edge technology,” said MayMaan CEO Doron Shmueli, a serial entrepreneur in South Florida and a former jet engineer in the Israeli Defense Force. “This funding will enable us to accelerate the growth and development of our proprietary clean combustion solutions, bringing us one step closer to a sustainable future.”
HIs brother, MayMaan President Eitan Shmueli, added, “At MayMaan, we are dedicated to developing solutions that reduce emissions and costs, and are excited about the potential positive impact this collaboration will have on the environment.”
Praveen Sahay, Partner at WAVE Equity Partners, expressed his hope that MayMaan’s product will play a major role in the next generation of renewable power generation.
“MayMaan embodies a transformative change in our energy and transportation infrastructure, which we believe will usher in a new era of distributed renewable power generation that is both cost-effective and low in carbon emissions,” Sahay commented. “WAVE takes great pride in its association with such a groundbreaking product, and is fully committed to collaborating with the company on both strategic and operational fronts to realize its grand vision.”
On top of being environmentally friendly, MayMaan asserts that its solution is more cost-effective than traditional alternatives. The company, founded in 2012, holds seven patents worldwide and has over 20 pending, its website says.
Increasingly, South Florida is home to entrepreneurs looking to harness the power of technology to mitigate the effects of climate change. These initiatives run the gamut from hard tech to software, micromobility to eVTOLs, and top investors to global conferences.
READ MORE ON REFRESH MIAMI:
- South Florida is a hotbed for climate tech innovation. Here are 5 reasons why
- Leaders put tech in the spotlight at Aspen Ideas: Climate conference in Miami Beach
- Blue Frontier raises $20M Series A for climate-friendly air conditioning tech
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