Pinnacle Engines, a San Carlos, CA-based designer of a new engine that is designed to enable reductions in fuel consumption and greenhouse gas emissions without increasing vehicle cost, has raised $13.5m in venture funding.
Investors include NEA, Bessemer Venture Partners and Infield Capital.
In conjunction with the funding announcement, the company unveiled plans to commercialize its engine by 2013. Pinnacle Engines is currently in the process of commercializing its technology through a joint development and licensing agreement with an Asian vehicle OEM. Production is expected to start in the first quarter of 2013.
Additional developments, including plans for expansion into the global automotive market, will be revealed later this year.
Pinnacle Engines’ ultra-efficient engine is based on a four-stroke, spark-ignited (SI), opposed-piston, sleeve-valve architecture. According to the company, it achieves 30 – 50% better fuel economy in various drive cycle comparisons without the cost penalty normally associated with dramatic fuel economy improvement.
Pinnacle is led by Chairman and CEO Ron Hoge.
FinSMEs
31/03/2011