Thursday, October 31, 2013

Achates Power In Technology Deal With Piston Engine Manufacturer

San Diego-based Achates Power, which is developing more efficient internal combustion engines, has linked with a major manufacturer of opposed-piston engines, Fairbanks Morse Engine. According to the two companies, they are in a joint development and licensing agreement with Achates Power, to apply the company's technology to Fairbanks Morse diesel and dual-fuel opposed-piston engines. Financial details of the deal were not announced by the companies. Achates Power--which is venture backed by Sequoia Capital Partners, RockPort Capital Partners, Madrone Capital Partners, InterWest Partners and Triangle Peak Partners--has been working on developing more efficient internal combustion engines since 2004. Fairbanks Morse Engine, which is part of EnPro Industries, says its engines are used in nuclear standby power, emergency stationary power, telecommunications networks and commercial installations, as well as in marine propulsion and ship service systems for the U.S. Navy and U.S. Coast Guard.