Achates Power, a company developing a new family of opposed-piston engines, has completed a $19.2M Series B round with the addition of a new investor, Triangle Peak Partners. Triangle Peak joins the company’s existing investors: Sequoia Capital Partners, Rockport Capital Partners, Madrone Capital Partners, and InterWest Partners.
The Achates Power engine architecture is modular and scalable to address a variety of end-use applications. With more than five years of dynamometer validation of its single cylinder engine, the company is now testing a 4.2L 4-cylinder engine that rivals conventional engines nearly twice its size, according to Achates.
The A40 engine, as presented by Achates Power president and CEO David Johnson earlier in 2009, is a two-stroke compression-ignition engine, with high efficiency and high power.
Founded in 2004 by National Academy of Engineering Member, Dr. James Lemke and the late John Walton, the company has assembled a team of engine design and development experts from around the globe including a world-class Technical Advisory Board. CEO Johnson, is an industry veteran with more than 20 years of experience leading engine development for automotive and commercial vehicle industries around the world. The company has generated 8 US Patents with nearly 300 claims, 2 international patents, 10 US Patent Applications, and 31 National Phase Filings in numerous jurisdictions.
We believe that one of the solutions to our future energy needs is to do more with less. Achates Power is a novel company with innovative technologies that do just that. We are confident in the company’s ability to deliver a revolutionary engine that breaks barriers in fuel efficiency, power density and cost. We look forward to using our technical background and finance experience in connection with the Achates board and current investors to help Achates grow and succeed.
—Dain DeGroff founding partner at Triangle Peak Partners and new Board Member of Achates Power
Achates Power presentation