Achates Power Raises $35.2 Million in Series C Financing
October 09, 2013
Achates Power, Inc.—developer of internal combustion engines that increase fuel efficiency, reduce greenhouse gas emissions and are lower cost—announced growing market traction for its opposed-piston engine technology with the addition of $35.2 million in Series C financing.
They also announced the appointment of automotive and commercial vehicle executives to its Industry Advisory Board, and its selection as a semi-finalist in the Securing America's Future Energy Energy Security Prize.
All existing Achates Power investors participated in the fundraising round, including Sequoia Capital Partners, RockPort Capital Partners, Madrone Capital Partners, InterWest Partners and Triangle Peak Partners. The Series C financing follows a $19 million Series B round in 2009 and brings the total raised by Achates Power to nearly $90 million since its 2004 founding. Between the two funding rounds, Achates Power has also tripled its U.S. patent portfolio and increased the number of issued and pending claims to more than 1,500 unique innovations.
The Series C funding and Industry Advisory Board formation will help accelerate Achates Power's product development and commercialization efforts. It will also provide additional support for the company's customers, including its contract with AVL to develop the Next-Generation Combat Engine for the U.S. Army Tank Automotive Research, Development and Engineering Center.
The newly appointed Industry Advisory Board members include:
- Dr. Walter Bryzik – DeVlieg chairman and professor of mechanical engineering at Wayne State University, retired chief scientist of TARDEC—responsible for all aspects of ground vehicle technology—and the 2004 winner of the Distinguished Presidential Rank Award.
- Daniel Hancock – Retired vice president, global powertrain engineering, who spent more than four decades at General Motors Co. overseeing all powertrain technologies, as well as the 2014 Society of Automotive Engineers (SAE International) presidential nominee.
- Bruno Linsolas – Retired senior vice president of purchasing at Volvo Powertrain, former chairman of Volvo Group purchasing and former executive vice president of purchasing at Mack Trucks.
- Dr. Karl Viktor Schaller – Retired head of heavy trucks, drive train, axles and transmissions as well as a former board member of MAN Truck & Bus AG.
- Dr. S.M. Shahed – Former vice president and corporate fellow of advanced technology at Honeywell Turbo Technologies, executive director of advanced technology at Cummins, Inc., director of engine research at Southwest Research Institute and 2002 SAE president.
Achates Power also announced that it was selected as a semi-finalist for the SAFE Energy Security Prize. The Award recognizes U.S. organizations that are developing technologies to significantly reduce America's long-term oil dependence.
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