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:
