This latest round of funding brings the total raised in the past year to £19.5m, excluding grants, and Dearman says it can now begin manufacturing in the UK and press on with commercial deployment .
Park Vale will work with Dearman to identify new markets for its technology.
Toby Peters (pictured), Dearman's CEO, says: "To have partnership of this scale, from a company as respected as Park Vale, is a recognition of the potential of our technology, the quality of our team and the rapid progress we have made to date.
"We have a vision to utilise innovative clean cold and power technology to address global environmental challenges, while delivering economic returns for our shareholders and growth in the communities where we operate. With the support of all our investors I am confidence that we can achieve and even exceed that goal."
Dearman is developing a range of clean cold and power technologies, using the attributes of its liquid air-powered engine.
The first application is a zero-emission transport refrigeration unit: commercial trials of this are due to begin in early 2016, with further international trials later in the year.
Other developments in the pipeline include an auxiliary cold and power unit for buses and HGVs, a back-up cold and power system for the built environment, and a waste-heat hybrid drive system for trucks and buses.