MI: Achates Power Opens Metro Detroit Office
21 Apr, 2015
Achates Power, Inc., the developer of radically improved internal combustion engines, today opened its Midwest Operations in metro Detroit to satisfy the demands of new customer contracts and rapid growth. Achates Power's engine allows OEMs to achieve the world's most stringent current and future fuel efficiency and emissions standards, which include, EPA 2010, Euro 6 and Tier 3/LEV 3, among others, without additional cost or complexity.
"I have toured the world's automotive hubs and nowhere else offers the opportunity for greater business success in automotive than the Detroit area," said David Johnson, CEO, Achates Power. "Our new Detroit office gives us access to top industry leaders and decision makers, and the breadth of engineering talent needed for expansion."
The decision to locate an engineering facility in the Detroit area comes on the heels of Achates securing two new contracts in the first two months of 2015; one with a leading global OEM and the second with the U.S. Army Tank Automotive Research, Development and Engineering Center (TARDEC). Achates is developing the Advanced Combat Engine (ACE) as part of the Army's 30-year strategy to modernize tactical and combat vehicles.
"Engine designs have steadily improved for more than one hundred years, so it is rare to see a design offering the innovation and resulting efficiency improvement demonstrated by the Achates Power engine," said Dan Hancock, former General Motors VP of powertrain engineering and 2014 SAE International president. "I believe many engineers wanting to have a positive impact on the global industry will be attracted to working at Achates Power, and now that Achates has a Detroit area technical center they can do so without uprooting their families."
The new 4,000 square foot customer application engineering facility leased by Achates is located in Farmington Hills. John Major has been hired as Regional Vice President, Midwest Operations to oversee the growth at the new facility. Achates expects to hire 12 new engineers and program managers immediately, and plans to employ a total of 20 employees by the end of 2015 to keep up with the rapid growth in customer demand for the Achates engine.
Achates Power shows growth and innovation
· The Achates Power engine is:
o 30 percent more efficient than leading diesel engines
o 86 percent more efficient than conventional gasoline engines
o Scalable and applicable to all internal combustion engine applications including passenger, commercial and military vehicles.
o Able to increase fuel efficiency, reduce greenhouse gas emissions and costs less than conventional engines
· The company has contracts addressing five different engine applications:
o Passenger vehicle, light commercial vehicle, heavy commercial vehicle, military and marine/stationary power.
· The company's customers are located in the U.S., Japan, Europe, China and India
· Its current engine programs range from 45 hp to more than 5,000 hp.
· Achates Power announced a 300 percent increase in revenue and tripled its customer base in December 2014.
"2014 was a phenomenal year for Achates Power and we've been experiencing record demand and interest for our revolutionary technology," added Johnson. "Based on the data collected from our 3-cylinder engines, which has been presented to the industry, it is well proven that Achates' engine technology can meet the most stringent emissions standards while delivering significant fuel economy advantages. The industry is taking note of this and recognizes that our technology is the most cost effective way to achieve future CAFE and C02 standards."
About Achates Power, Inc.
Achates Power, Inc. has developed radically improved internal combustion engines that increase fuel efficiency, reduce greenhouse gas emissions and are lower cost. Founded in 2004 with the mission to build cleaner, more efficient engines, the San Diego-based company has an experienced staff of engineers and scientists focused on applying their proven technical know-how and expertise, coupled with the industry's leading-edge testing, simulation and analysis tools. It is backed by top private equity firms Sequoia Capital Partners, RockPort Capital Partners, Madrone Capital Partners, InterWest Partners and Triangle Peak Partners. For more information, visit www.achatespower.com, www.facebook.com/AchatesPowerInc, www.twitter.com/achatespower and www.youtube.com/achatespowerinc.