Achates Power Completes $19.2M Round of Financing
SAN DIEGO, Jan. 8 /PRNewswire/ -- Achates Power, a company developing an innovative engine with unparalleled fuel efficiency and power density at a lower cost, has completed a $19.2M Series B round 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.
"We believe that one of the solutions to our future energy needs is to do more with less. Achates Power is a novel company with innovative technologies that do just that. We are confident in the company's ability to deliver a revolutionary engine that breaks barriers in fuel efficiency, power density and cost. We look forward to using our technical background and finance experience in connection with the Achates board and current investors to help Achates grow and succeed," said Dain DeGroff founding partner at Triangle Peak Partners and new Board Member of Achates Power.
About Achates Power
Achates Power Inc., based in San Diego, California, designs and develops revolutionary opposed-piston engines. The Achates Power 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. In 2009 the company received widespread recognition from groups such as Business Week, AlwaysOn, The Guardian and Cleantech Group for its leadership in the Clean Tech sector. 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. The company 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. For more information, visit www.achatespower.com.
About Triangle Peak Partners
Triangle Peak Partners, LP is an investment firm focused on venture capital and private equity investments in private and public companies in the technology, energy, and alternative energy sectors. The firm has over $300 million in assets under management, $165 million of which is in venture capital and private equity, and has offices in Carmel, Palo Alto and Houston.
SOURCE Achates Power