Energy efficient engine developer Achates motors on with $19.2m funding

11 January 2010

Achates Power, a US company developing engine technology for fuel efficiency and power density, 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.

Achates Power, based in San Diego, California, designs and develops opposed-piston engines and is now testing its 4.2-litre four-cylinder engine, which it claims rivals conventional engines nearly twice its size.

Dain DeGroff, founding partner at new investor Triangle Peak and now board ember of Achates, said, “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.”

Triangle Peak focuses on the technology, energy, and alternative energy sectors and manages over $300m.

Copyright © 2010 NewNet

Tags: energy efficiency

This story was published on Monday, January 11th, 2010 at 1:49 pm and is filed under North America, deals, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply