Clean Tech Startup Achates Power Raises $29.8 Million

According to a recent SEC filing, Achates Power has closed $29.8 million in financing from an undisclosed investor.

Achates Power, Inc., has developed a radically improved internal combustion engine that increases fuel efficiency and reduces GHG emissions at lower cost. The company says its opposed-piston, two-stroke, compression-ignition engine is key for the future of clean, efficient and cost-effective passenger- and commercial-vehicle transportation. To date, the engine has demonstrated fuel efficiency improvement of more than 20 percent compared to the published performance data of one of the best clean diesel engines — approximately a 55 percent improvement relative to comparable gasoline engines.