Achates Power, Inc., a San Diego, CA-based developer of internal combustion engines that aim to increase fuel efficiency and reduce GHG emissions, raised $29.8M in Series D equity funding.
Backers included OGCI Climate Investments, the investment arm of The Oil and Gas Climate Initiative (OGCI), a CEO-led initiative of 10 oil and gas companies that collaborate on action to lead the industry response to climate change.
The company, which is also backed by Sequoia Capital Partners, RockPort Capital Partners, Madrone Capital Partners, InterWest Partners and Triangle Peak Partners, intends to use the funds to accelerate growth, commercialization and continued technology development.
Founded in 2004 and led by David Johnson, president and CEO, Achates Power develops improved internal combustion engines that increase fuel efficiency, reduce greenhouse gas emissions at a lower cost. The company’s Opposed-Piston Engine is a two-stroke, compression ignition engine, engineered to achieve superior thermal efficiency via its lower heat losses, improved combustion and reduced pumping losses.
Achates Power has more than 100 employees in San Diego and metro-Detroit.