Achates Power, Inc., a San Diego, California-based company developing an innovative light-weight, more fuel efficient, and lower cost engine, has completed a $19.2m Series B round of financing 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.
In conjunction with the funding, Dain DeGroff, founding partner at Triangle Peak Partners, joins the board of Achates 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.
The company’s CEO, David Johnson, is an industry veteran with more than 20 years of experience leading engine development for automotive and commercial vehicle industries around the world.
Achates Power has generated 8 U.S. Patents with nearly 300 claims, 2 international patents, 10 U.S. Patent Applications, and 31 National Phase Filings in numerous jurisdictions.
Its engine architecture is modular and scalable to address a variety of end-use applications. With over five years of dynamometer validation of its single cylinder, the company is now testing its 4.2L 4-cylinder engine that rivals conventional engines nearly twice its size.