Achates Power develops improved internal combustion engines designed to increase fuel efficiency and reduce greenhouse gas emissions at a lower cost. Its flagship Opposed-Piston Engine is a two-stroke, compression-ignition design engineered for superior thermal efficiency via lower heat losses, improved combustion and reduced pumping losses. The company raised $29.8M in Series D equity to support growth. It intends to use the funds to accelerate growth, commercialization and continued technology development. Founded in 2004 and led by president and CEO David Johnson, Achates has more than 100 employees across San Diego and metro-Detroit. The company is focused on commercializing its engine technology. Achates Power is developing an advanced opposed-piston diesel engine designed to improve fuel efficiency. The company is based in Sorrento Valley. In a Sept. 5 filing with U.S. securities regulators, Achates said it is issuing $21.2 million in stock. Of that amount, $11.2 million was issued to two investors beginning Aug. 25, and $10 million is planned to be issued. Achates is celebrating its 10th anniversary this year. Achates Power develops internal combustion engines designed to boost fuel efficiency and cut greenhouse gas emissions. The company focuses on product development and commercialization of its engine technology. It intends to use the new funds to accelerate those development and commercialization efforts. Achates was founded in 2004 by Dr. James Lemke and is led by CEO David Johnson. The company has formed an Advisory Board featuring industry veterans from institutions such as Wayne State University, General Motors, Volvo Powertrain, MAN Truck & Bus AG, Honeywell Turbo Technologies and Cummins. Achates Power, based in San Diego and founded in 2004, develops a lightweight, more fuel-efficient and lower-cost engine architecture. Its modular, scalable design is intended to address a variety of end-use applications and the company has completed over five years of dynamometer validation on a single-cylinder design. Achates is now testing a 4.2L 4-cylinder engine that the company says rivals conventional engines nearly twice its size. The firm has assembled a global team of engine design and development experts and a world-class Technical Advisory Board; CEO David Johnson has more than 20 years of industry experience. Achates has generated 8 U.S. patents with nearly 300 claims, 2 international patents, 10 U.S. patent applications, and 31 national phase filings. Financially, the company completed a $19.2M Series B financing with the addition of a new investor, Triangle Peak Partners.

Total raised

$105M

Funding rounds

4

Latest round

Series D

Latest activity

Oct 2017