Pinnacle Engines appoints Asian Business Advisory Board; closes Series C financing
8 May 2014
Pinnacle Engines, developer of a highly efficient 4-stroke, spark-ignited (SI), opposed-piston, sleeve-valve architecture engine (earlier post), has appointed five industry leaders to its newly formed Asian Business Advisory Board. Pinnacle Engines also announced closure of its Series C financing, bringing total investment in the company to more than $30 million.
Investors in the round included Mitsui Global Investment, VenturEast and a strategic OEM partner along with its existing investors Bessemer Venture Partners, New Enterprise Associates and Infield Capital.
Comprising individuals known and respected for their extensive experience in Asian markets, the Board will offer strategic business and technological advice to Pinnacle Engines’ executive team. Pinnacle Engines’ Asian Advisory Board members are:
Phil Murtaugh: An experienced Asian automotive leader, Phil joins the Advisory Board after spending 33 years at General Motors, culminating in his position as Chairman and CEO of GM China Group. Phil also held leadership positions at Chrysler and Isuzu and most recently was the CEO of Coda Automotive. Phil is also a member of Pinnacle’s Board of Directors.
John Parker: In his 41-year career at Ford Motor Company, John focused on emerging markets in Asia and Africa, living and working throughout the region before returning to his homeland of Australia. John was President-Ford India, Vice Chairman & EVP-Mazda Motor Company and EVP- Ford Asia Pacific & Africa.
BVR Subbu: A former President of Hyundai India, BVR brings extensive experience in the Asian automotive industry. Prior to Hyundai, BVR was with Tata Administrative Services and headed marketing at Tata Motors with overall responsibility for formulating and implementing strategies in marketing, sales, service and financing for both commercial vehicles and passenger cars.
Hong Liang Lu: With a genuine curiosity for efficient engine architectures, Hong Liang has been a friend and informal advisor to Pinnacle Engines for the past few years. Previously, Hong was President & CEO of Kyocera Unison and founded Unitech Industries in 1991 focusing on digital and wireless transmissions systems in emerging markets.
Freeman Shen: A Board Member and Group Vice President at Zhejiang Geely Holding Group and Chairman of Volvo Car Group China, Freeman also served as Chairman and CEO of Geely Zhaoyuan International where he played a leading role in Geely’s acquisition and integration of the Volvo Car Corporation. Before Geely, Freeman was CEO of Fiat Powertrain China and President of China operations at BorgWarner Inc.
Pinnacle’s first commercial engine, jointly developed with its charter OEM partner, will soon launch in Asia.
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