US energy efficient engine manufacturer Achates Power raises $12.12m in venture capital
5th October 2009
US energy efficient engine manufacturer Achates Power has closed $12.12m of a $20m venture round, according to reports.
Investors included existing backers Sequoia Capital, InterWest Partners, Rockport Capital Partners and Madrone Capital Partners.
With investment from John Walton, heir of the founder of Walmart, and design by National Academy of Engineering Membe, Dr James U Lemke, Achates Power was founded in 2004 to build the world’s next generation engine architecture.
Gary Convis, vice chairman of Dana Corp and former chairman, Toyota North America serves on the board of directors as an independent director.
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