Pinnacle Engines, a San Carlos, CA-based developer of ultra-efficient engine designs, closed its Series C financing bringing total investment to more than $30m.
Investors in the round included Mitsui Global Investment, VenturEast and a strategic OEM partner along with its existing investors Bessemer Venture Partners, New Enterprise Associates and Infield Capital.
The company also announced it has appointed five industry leaders – Phil Murtaugh, John Parker, BVR Subbu, Hong Liang Lu and Freeman Shen – to its newly formed Asian Business Advisory Board, which will offer strategic business and technological advice to the executive team.
Led by Ron Hoge, CEO and Chairman, Pinnacle Engines develops a 4 stroke internal combustion engine architecture which uses standard components and manufacturing techniques for lowest total cost. The technology has the potential to impact on the transportation sector’s petroleum usage and greenhouse gas emissions.
Its first commercial engine, jointly developed with its charter OEM partner, will soon launch in Asia.
31/03/2011: Pinnacle Engines Raises $13.5M